08 Jan 2013
National Subsidies in place on Waste-to-energy Projects for Everbright International(Hong Kong, 8 January 2013) China Everbright International Limited ("Everbright International" or the "Group") announces that nine of its operating Waste-to-energy ("WtE") projects have received the base on-grid tariff and the provincial subsidies in full on schedule (monthly or quarterly basis respectively). Recently, its six WtE projects in Suzhou, Yixing, Jiangyin and Changzhou have also received their 2012 annual national subsidies, and the remaining three projects will receive their subsidies in the near term.
According to the requirements in the "Notice in relation to the Optimisation of Waste-to-energy Power Tariff Policy" issued by the National Development and Reform Commission, the universal on-grid tariff for the WtE power plants has set at RMB0.65/kWh since April 1, 2012. All Everbright International WtE projects have benefited from this policy in that the new tariff is RMB 0.02 to 0.15/kWh higher than what each of the Group’s WtE projects received before. The incremental on-grid tariff that a WtE power plant enjoys, compared with the on-grid tariff a desulfurized coal-fired power plant receives, will be subsidized by provincial and national governments respectively.
Mr. Chen Xiaoping, Chief Executive Officer of Everbright International, said, "The power tariff unification for WtE power plants is undoubtedly a great support and encouragement for the industry. A well-developed settlement and payment mechanism is favorable for healthy and sustainable development for the industry. And I also believe that alternative energy and environmental protection business will play increasingly important roles in the future of China, along with the rapid development and the increasing weight of the 'green economy'".