Saturday, December 5, 2020
NEWS

Shanghai Electric Shares China’s Wind Power Market Outlook in talk with Bloomberg NEF

With China’s first 8MW offshore wind turbine featuring “black start” technology entered its service recently, Shanghai Electric (SHA:601727/HK:02727) had an opportunity with BloombergNEF to share its strategy and insights into China’s wind power market, as well as the company’s development in delivering the wind energy systems with higher reliability, robustness and stability for a more secure, sustainable and low-carbon economy in the future.

The market of both offshore and onshore wind energy systems in China is welcoming “large capacity turbine units and digital transformation,” and Shanghai Electric is “building a test and verification platform for 10 megawatt-plus offshore wind turbines and an integrated system for renewable energy,” said Pengju Kang, chief digital officer and engineering general manager at Shanghai Electric Wind Power Group (SEWPG) in an interview with Bloomberg NEF.

Speaking of the significance of this landmark project during the interview, Mr. Kang said that Shanghai Electric is riding on the growing momentum of China’s offshore turbine market, which is expected to see the grid-connected wind power surging to 26GW by the end of 2025, to accelerate R&D and deliver the world-leading renewable energy solutions.

“Currently, we are building a test and verification platform for 10 megawatt-plus offshore wind turbines and exploring 5G and industrial internet of things to establish an integrated system for renewable energy combining wind, solar power and energy storage,” said Pengju Kang.

Shanghai Electric has recorded the sharpest revenue increase from renewables in recent years, with a 51% year-on-year growth from 2018 to 2019, in contrast to only 8.4% from its thermal power during the same period. In late June, the company announced the plan for an initial public offering (IPO) of its wind power division Shanghai Electric Wind Power Group.   

8 thoughts on “Shanghai Electric Shares China’s Wind Power Market Outlook in talk with Bloomberg NEF

Leave a Reply

Your email address will not be published.