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China's 14th five-year energy plan focuses on stability and cost control amid global energy crisis
Report summary
On 22 March, China unveiled its 14th five-year plan for the modern energy system. The plan’s title deviates from previous naming convention (five-year plan for energy development), re-affirming China’s most recent policy direction. It also provides more clarity on the country’s energy pathway towards 2025. . Our interpretation of the plan’s key messages and rationale behind it are: • Stability and cost control taking centre stage. • Addressing new pain points in China’s energy system. • Quality over quantity. • Inclusion of and coherence with existing climate goals.
Table of contents
- Coal positioned as the backstop of energy security; no quantified targets for coal and gas demand
- Multiple means to achieve energy security
- No specific capacity target for wind and solar
- Flexible coal-fired power plants and pumped hydroelectric storage to play key roles in supporting power system transition
- Hydrogen energy still considered early stage with potential competition escalation in permitting gigawatt-level projects
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