China is expected to install about 230 gigawatts (GW) of new solar and wind power in 2023, according to a report by PV Mag, which said the massive increase in solar production capacity and installation would give Chinese consumers power prices less than half the user-prices in Europe or Australia.
China’s power market is larger than the US and Europe combined, and its production capacity for solar and wind will easily surpass the 75 GW expected in Europe and the 40 GW projected in the United States this year, the report said, noting that an analyst said China’s investment in renewables and support infrastructure in recent years had topped expenditure on coal power “by a factor of 5 to 1.”
Read the full report: PV Mag.
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