In March 2025, Zhejiang International Oil and Gas Trading Centre Co., Ltd. (or Zhejiang Oil Centre) and State Grid Zhejiang Comprehensive Energy Service Co., Ltd. jointly released the first China Green Electricity Certificate (GEC) Price Index product in Zhejiang Province – China Green Power Certificate Seller Quotation. The two parties aim to guide market players to participate in GEC transactions through prices and support the green and low-carbon transformation of energy.
“Judging from the data released by the National Energy Administration, the number of transactions of our GECs accounts for about 10% of the issuance of GECs,” said Xia Guoxiao, a postdoctoral fellow at Zhejiang Oil Centre
The GEC is the only means of verification for the production and consumption of renewable electricity in China. One GEC is equal to 1,000 kWh of renewable electricity. At present, China’s installed renewable energy capacity ranks first in the world, but the imbalance between supply and demand of GECs and the environmental value of green power have not yet been fully reflected, restricting the green transformation of enterprises and related industrial chains. Some manufacturing companies, especially those with high energy consumption, need to use GECs to prove that their electricity consumption is environmentally friendly.
On the day the Index was released, Sichuan Yike New Energy Technology Co., Ltd. sold 23,447 wind and solar GECs in 2024 to Zhejiang Seven Color Rainbow Technology Co., Ltd. based on the Index.
“The company’s downstream customers are RE100 members (members of the organisation who have committed to using 100% renewable energy) and have been asking us to purchase international green certificates to prove renewable energy consumption. With the increasing international recognition of China’s GECs, this year’s customers agreed with us to purchase GECs to achieve 100% renewable energy consumption. Zhejiang Seven Color Rainbow Technology Co., Ltd. GEC Procurement Director Zhou Zhongjie revealed.
“The buyer had no idea about the price of GECs as they have no channel to compare before,” said Ran Zhenghua, general manager of Sichuan Yike New Energy Technology Co., Ltd. “Now there is a more credible price, which is beneficial to the development of the GEC trading market.” It is reported that the GEC Price Index will help Zhejiang manufacturing enterprises effectively respond to international green trade barriers, promote China’s green certificate to the international market, and help the green and low-carbon transformation of energy.
Source: cenews.com.cn
