China to build unified power market by 2035

China is on track to establish a national unified power market by 2035, with a preliminary structure to be established by 2025, according to a bluebook released by the China Electricity Council on Friday.

Clear pathways will be defined for renewable energy participation and mechanisms to ensure reasonable returns on renewable energy investments will be explored in the next few years, according to the National Unified Power Market Development Plan Bluebook. The first phase, from 2024 to 2025, is the initial development period.

According to the plan, the top-level design for power market will be largely completed before 2025, with a significant uplift in market-based power trading, and market mechanisms for pricing and transactions promoting green and low-carbon industries of renewable energy and energy storage preliminarily taking shape.

The second phase, from 2026 to 2029, will be the comprehensive development period.

Efforts will be made to push for unified basic market rules, fair and consistent regulation and high-standard market connectivity by 2029. This will include full coverage of provincial-level spot markets and full participation of new energy resources in market transactions, so that power resources will be better allocated and distributed on a greater scale nationwide.

The final phase, from 2030 to 2035, will focus on refinement and improvement.

By 2035, China will basically realize national unified power market, with unified rules, technical standards, operational platforms and market supervision.

The goal is to create a more equitable and dynamic market environment where electricity prices could fully reflect the value of various resources, so that power resources will be better allocated with highly efficient usage in an all-round way nationwide.

China to build unified power market by 2035

China launched a Long March-8A carrier rocket on Saturday in the southern island province of Hainan, sending a group of internet satellites into space.

The rocket lifted off at 15:53 from the Hainan commercial spacecraft launch site. It successfully placed the payloads, the 14th group of low-orbit internet satellites, into preset orbit.

Developed by the China Academy of Launch Vehicle Technology, the Long March-8A rocket is 50.5 meters long with a takeoff weight of 371 tonnes. It is capable of carrying up to 7 tonnes to a sun-synchronous orbit at an altitude of 700 km.

The rocket completed its maiden flight in February this year and has since entered a high-density launch mode.

This mission marks the first time the Long March-8 series rocket has switched its primary propellant from conventional petroleum-based rocket kerosene to coal-based rocket kerosene.

The new fuel is environmentally friendly, easy to store and transport, and more cost-effective. Its performance remains stable and reliable as petroleum-based rocket kerosene, which can establish a "green power" foundation for subsequent high-frequency launch missions.

Saturday's mission is also the fifth flight of the Long March-8A rocket and the 612th launch of the Long March series of rockets.

China's Long March-8A rocket launches new internet satellite group