China Renewables & Utilities Sector: Weekly #87: Green Power Direct Supply, China Gas

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China Renewables & Utilities Sector: Weekly #87: Green Power Direct Supply, China Gas

Deutsche Bank

Research

Asia Industry Date

China 21 May 2026

Hong Kong China Renewables

Industry Update

Energy & Utilities Sector

Alternative Energy

Weekly #87: Green Power Direct

Supply, China Gas

Gary Zhou, CFA

DB weekly comment Research Analyst

This week, China’s NDRC and NEA published the “Notice on Promoting the Orderly +852-2203-5889

Development of Multi-user Green Power Direct Supply”, expanding direct

renewable supply from single-user to multi-user models, allowing wind, solar and

other renewables to deliver electricity via dedicated lines directly to multiple

corporate users with full traceability. The policy requires ≥60% self-consumption of

available generation and ≥30% (rising to ≥35% by 2030) of total demand to be met

by on-site green power, while broadening use cases to industrial parks, export-

oriented manufacturers and data centers, and enabling curtailed or unconnected

renewable projects to participate.

Operationally, projects must establish a single accountable entity, integrate

storage and internal balancing, and for grid-connected setups cap exports at ≤20%

of total generation and restrict reverse flows during congestion periods. Projects

participate in power markets initially on a volume-only basis before transitioning to

price bidding, with node-level metering and hourly green power attribution,

effectively linking generation, consumption and certification under strict

quantitative thresholds.

We believe the policy may to some extent help alleviate the increasing renewable

power curtailment issue (8.1% curtailment rate for wind, and 8.8% for solar in 1Q26;

vs. 5.7% for wind and 5.2% for solar in 2025). Over the long run, the growing AI-