Beijing. (Juan Cole)
The South China Post reports some incredible figures about the profitability of China’s wind energy companies. A new study by the Bank of China International (BOCI) is foreseeing profits of 25 to 64 percent for the rest of 2016.
The reason for this optimism? The government is committed to stringing no less than eight new ultra-high-voltage (UHV) power lines across the country that will likely mainly transmit electricity from wind farms.
China intends to get between 25% and 33% of its electricity from wind by 2030, i.e. in only 14 years! And by then it intends to be off coal entirely. If Beijing can pull this off, it will literally change the world (for the better).
Moreover, the Chinese government has put in regulations in eight provinces and 3 autonomous regions requiring that wind and solar be used to generate electricity for a certain number of hours each day.