NANJING, Dec. 8 (Xinhua) -- For Meng Fanzhen, who runs a shopping outlet in Xuzhou, east China's Jiangsu Province, purchasing electricity directly from a power-trading market not only trims operational costs but lends the mall a more fashionable touch of sustainability.
"Electricity is among our highest costs. Since entering the power market, we've been able to cut over 70,000 yuan (about 9,892 U.S. dollars) from our monthly electricity bills," said Meng, general manager of Xuzhou Shanshan Outlet Plaza.
Meng added that sourcing renewable power can also help offset the mall's energy consumption and burnish its green credentials, which is warmly welcomed by many retail brands seeking low-carbon supply chains.
As China accelerates its power market reform, a growing cohort of enterprises is discovering an "electricity supermarket," where they can choose to purchase electricity at market-based rates with more flexible cost control and faster transition towards cleaner energy.
According to Gao Jianxiang, a staff member with State Grid Xuzhou Power Supply Company, around 23,900 local industrial and commercial businesses have entered the power market in Xuzhou in 2025.
"In the first half of this year alone, market-based power consumption reached 10.2 billion kilowatt-hours in Xuzhou," Gao said. "Competitive pricing and more flexible load-management tools saved local power users roughly 40 million yuan each month."
Gao noted that the renewable electricity flowing into factories and malls in the eastern Chinese city can originate from wind farms or hydropower stations thousands of kilometers away.
China's push to establish a unified national power market took shape in 2025. Wind and solar energy from the country's northwest are lighting up the Guangdong-Hong Kong-Macao Greater Bay Area. At the same time, hydropower from Yunnan and Sichuan has become a steady source of supply for factories in the Yangtze River Delta.
Data from the National Energy Administration (NEA) shows that China's market-traded electricity rose from 1.1 trillion kilowatt-hours in 2016 to 6.2 trillion kilowatt-hours in 2024, with its share in total electricity consumption jumping from 17 percent to 63 percent.
China's west -- rich in coal, water, wind and solar resources -- contrasts sharply with the power-hungry industrial belts in the central and eastern regions, making long-distance transmission essential.
As of November this year, the trans-provincial transmission capacity of the country's State Grid had reached 370 million kilowatts, a backbone for balancing supply and demand nationwide.
"Regions differ vastly in energy resources and consumption patterns. But through interconnection and a unified market, resources are being allocated more efficiently, helping ensure energy supply during peak demand," said Xia Qing, professor from Tsinghua University.
In Jiangsu, one of China's economic powerhouses, hydropower from Sichuan's Baihetan flows across more than 2,000 kilometers through an 800 kV ultra-high-voltage transmission line, delivering enough clean energy annually to power 7.6 million households.
According to the State Grid Jiangsu Electric Power Co., Ltd., the eastern province has vigorously promoted green power trading. Such trading volume leapt from 1.37 billion kilowatt-hours in 2021 to 20.34 billion kilowatt-hours in 2024, with an average annual growth rate of 96 percent.
The shift is equivalent to cutting 6.24 million tonnes of standard coal consumption and reducing 15.56 million tonnes of carbon dioxide emissions, the company said.
Surging green power transactions mirror the momentum of the world's second-largest economy in pursuing its dual carbon goals: to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.
China's combined installed capacity of wind and solar power grew from 530 million kilowatts in 2020 to 1.68 billion kilowatts by the end of July this year, an average annual increase of 28 percent, according to the NEA.
"More trade fairs and international conferences now purchase green electricity to achieve carbon neutrality, and many exporters buy renewable power to boost global competitiveness, responding to rising expectations around carbon footprints," Gao said.
Firms in energy and chemicals, electronics, and manufacturing are among the most active buyers, reflecting both demand and determination to drive a green transition, he added.
Official statistics show that China had issued around 4.96 billion green certificates by the end of 2024, a 21-fold year-on-year increase. Each certificate is a unique digital identifier representing 1,000 kilowatt-hours of renewable electricity generation.
"Renewables are intermittent by nature," said Xia. "So structured and traceable green power trading helps absorb surplus renewable energy, reduce waste, and strengthen energy security." ■
