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
As Ukrainians observed the traditional Shrovetide festival, the country's fragile security situation and uncertain future continued to overshadow celebrations.
Shrovetide, celebrated from Feb 24 to March 2 in Ukraine this year, is a traditional Slavic holiday marking the end of winter and the beginning of spring.
Kyiv, the Ukrainian capital, played host to vibrant Shrovetide celebrations, featuring festive gatherings and traditional events, during the winter nights.
However, beyond the festivities, Ukrainians are well aware that the shadow of war still hangs over them.
"Even being at this celebration is fighting because we are staying and we have alarms every night," said one participant.
On Feb 28, U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky had a heated exchange at the White House, leading to the cancellation of an anticipated bilateral minerals agreement.
After the tense meeting, the Trump administration suspended the delivery of all U.S. military aid to Ukraine, blocking billions in crucial shipments. What the U.S. did has left many Ukrainians frustrated and angry.
"I am quite angry. It doesn't matter which country or which president - it's important to have some kind of politeness and respect because you have to show this level of diplomacy and everything," the participant added.
"Trump entered politics to enrich himself; to him, the country is just another business venture," said a Ukrainian soldier who had just returned from the frontline.
The festive moments of celebration intensified people's longing for ultimate peace and stable lives.
"Look at this festival, this beautiful tradition. A place full of joy. We need peace," said another Ukrainian.
Despite the celebrations, uncertainty persists, and the timeline for achieving peace in Ukraine remains unclear, with the country's future still largely beyond its control.
Ukrainians celebrate Shrovetide amid shadow of uncertainty
