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New domestic PV installations are expected to be in the range of 40-50GW in 2020

The Ministry of Finance, the National Development and Reform Commission, and the National Energy Administration recently jointly issued "Several Opinions on Promoting the Healthy Development of Non-aqueous Renewable Energy Power Generation" (hereinafter referred to as "Opinions"). Since 2020, all new renewable energy power generation projects have been added. They are all determined by the method of “receiving and determining expenditures”. At the same time, starting from 2020, new offshore wind power and solar thermal projects will no longer be included in the scope of central financial subsidies, and will be supported by local governments in accordance with actual conditions. The approval (recording) will be completed in accordance with regulations and all units will be completed and completed before December 31, 2021. Offshore wind power and solar thermal power generation projects are included in the scope of central government subsidies in accordance with corresponding price policies.

The relevant person in charge of the Ministry of Finance disclosed on the 3rd that according to the fund collection situation and the increase in power consumption, it is estimated that the new subsidy fund in 2020 will be 5 billion yuan, which can be used to support new wind power, photovoltaic power generation and biomass power generation projects. The National Development and Reform Commission and the National Energy Administration will further clarify the types and types of subsidies for renewable energy generation that can enjoy subsidies in 2020, and introduce specific management measures accordingly to ensure that the subsidy quota for new projects is controlled within 5 billion yuan. At present, the National Energy Administration has solicited opinions from all parties on the management measures for wind and photovoltaic power generation in 2020, and is currently revising it. The National Development and Reform Commission is in the process of postgraduate management of material power generation projects. Projects that have not been issued management measures and are not included in the scope of the national renewable energy power generation subsidy scale in accordance with the management measures will not enjoy the central fiscal subsidy policy.

Since the implementation of the "Renewable Energy Law" in 2006, China's renewable energy power generation has raised funds through the collection of renewable energy electricity prices from electricity prices, and subsidized electricity prices for on-grid electricity.

In this Opinion, while clarifying the principle of revenue collection and payment, the previous project subsidy catalogue system was changed to the inventory system, and it is clear that from 2020, all eligible eligible projects will be included in the subsidy list. At the same time, in order to stabilize the revenue expectations of renewable energy power generation enterprises, the amount of subsidy funds for individual projects is determined according to the annual utilization hours and the duration of the subsidies used by the National Development and Reform Commission in approving electricity prices. Projects that have reached the subsidy funding limit no longer enjoy state subsidies, but they can still settle with the grid companies based on the benchmark price of coal-fired power generation on-grid and get more revenue. In addition, financial institutions are encouraged to support projects included in the subsidy list.

After the new management mechanism is established, with the implementation of measures such as revenue collection, new projects not owed, and compliance projects included in the subsidy list, renewable energy power generation projects will have stable returns. Financial institutions can use this as a basis for evaluating projects, and support green energy in accordance with market-oriented principles to jointly promote the sustainable development of the renewable energy industry. "The relevant person in charge of the Ministry of Finance said.

Analysis report of Industrial Securities pointed out that although subject to the subsidy gap, the subsidy funds for most of the existing projects are not fully paid, but this policy determines the rules and methods for subsidy issuance, which is of great significance, and project owners can use relevant financial instruments to revitalize Asset, value revaluation started. At the same time, after the demand for onshore wind power and ground photovoltaic power stations has been withdrawn at the end of 2020, the subsidy funds can still provide strong support for projects that still require subsidy funds such as decentralized wind power, distributed photovoltaics and biomass power generation. It is expected that domestic photovoltaic installations will fall between 40GW and 50GW in 2020, with a year-on-year growth rate of 33% to 60%.



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