Energy Sector Guideline for 2023: Stabilizing Supply and Prices
- Ensuring energy supply and stabilizing prices are the primary principle of this year's "Guiding Opinions". The domestic energy production target for 2023 is 4.75 billion tonnes of standard coal, emphasizing stable growth in energy self-sufficiency.
- Non-fossil energy expands: The 2023 target is 0.9 pp higher than the 2022 result, compared with 0.7pp increase from 2021 to 2022.
- Wind and solar power targeting higher output share: The 2023 target is 1.5 pp more than the 2022 result, compared with a 0.5 increase from 2021 to 2022.
- In terms of low-carbon development, there is more emphasis on refining and oil products compared to 2022. Guidelines for promoting low-carbon and efficient oil refining industry will be introduced, while ensuring a stable supply of VI-B standard gasoline. It is proposed to revise the "Natural Gas Utilization Policy", which was last updated in 2012.
- For the first time, the "Guiding Opinions" has a dedicated section highlighting energy transition on the consumer side. It aims to improve the electrification level in society and key industrial and transportation sectors, while constructing more EV charging facilities. It mentioned to take National Charging Infrastructure Monitoring Service Platforms into online operation.
- In terms of governance and regulations, it calls for accelerating the "Energy Law "legislation and drafting the "Energy Supervision Regulations".
- For international cooperation, it emphasizes safety at transportation channels and diversifies energy import sources; highlights the strengthening of clean energy cooperation, especially bringing investment in "Belt and Road" regions.
- Non-fossil energy proportion target expands: The 2022 target was 0.7 percentage points (pp) higher than the 2021 result, and the 2023 target is 0.9 pp higher than the 2022 result.
- Wind and solar power output proportion target expand: The 2022 target was 0.5 pp higher than the 2021 result, and the 2023 target is 1.5 pp higher than the 2022 result.
- (For detailed power generation capacity and output mix, refer to the March 2023 Issue of China Policy Perspective "Factbox: China's Green Power Installation Continues to Boost")
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Written by the GL Consulting team (Mysteel's consultancy arm on energy transition): glconsulting@mysteel.com
Edited by Navy Liu: liuchuanjun@mysteel.com
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