Wind power price set

China's power grids will pay 0.75-0.85 yuan ($0.12-$0.14) per kilowatt-hour (kWh) for electricity produced by offshore wind turbines, the country's planning agency announced on Thursday, in a bid to encourage more investment in the sector.

The National Development and Reform Commission (NDRC) said the on-grid tariff would be paid to wind farms completed and operated before 2017.

Prices for projects launched after 2017 will be adjusted in accordance with technological improvements and changes in costs, the NDRC said.

The NDRC notice said the policy was designed to encourage the development of China's rich offshore wind resources.

Offshore capacity stands at just 400 megawatts at present, amounting to less than 0.5 percent of total wind capacity.

China's total installed wind capacity stood at 82.27 gigawatts by the end of May, up 23.1 percent on the year and amounting to 6.6 percent of the national total.