China is a leader in the development of non-traditional electrical power, with its world-leading expansion of alternative power generation, says the head of the country’ s energy company at the World Energy Congress 2010 on Wednesday.

Liu Zhenya, chairman and chief executive officer of State Grid Corp. of China, the nation’ s largest grid operator, said wind and water power projects are growing at a fast rate. Since 2000, electrical generation from wind grew exponentially, by 21 times, while solar electricity production rose by 47 times.

“It is estimated that by 2020, the total installed capacity of hydropower will reach 300 gigawatts with 75 percent from large hydro bases,”Liu told the delegates in a keynote speech.

He said wind farms will use wind turbines to produce 90.17 gigawatts, accounting for 78 percent of China’ s wind power.

He noted that China’ s investments in alternative energy will mitigate the country’ s greenhouse gas production. “The replacement of fossil fuels by clean energy will reduce carbon emissions by 1.6 billion pounds a year.”

Liu said China plans construction of seven 10-gigawatt wind farms in Jiuquan, Gansu province, and at Hami, in the Xinjiang autonomous region.

Still, he said, China will rely on fossil fuels. In 2020 China will get 58.5 percent of its energy from coal, 26.5 percent from oil and natural gas, 9 percent from hydropower, 4 percent from nuclear reactors and 2 percent from alternative energy, such as solar and wind.

China is investing more in hydro-electric power production. State Grid Corp. wants to build 13 hydro power projects along the Jinsha and Daduhe rivers, Liu said.

The five-day conference has attracted 5,000 energy executives, government officials and academic experts to this eastern Canadian city to discuss the world’ s future energy consumption and production.

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The Chinese government’s investment in research and development of green technologies has exceeded 10 billion yuan (1.47 billion U.S. dollars) for the 2006-2010 period.

Zhang Laiwu, vice minister of science and technology, made the remark Thursday at a press conference in Beijing, also saying that China had developed key technologies that could cut greenhouse emissions.

China has applied energy-saving technologies to traditional industries including steel, power, building materials, chemicals and agriculture, which have enhanced their competitiveness, he said.

China has also issued supportive policies for new-energy industries. For instance, the pilot program of energy-saving and new-energy vehicles has been implemented in 25 cities, and the government has provided subsidies for the purchase of 5,000 vehicles, he said.

Also, more than 1.6 million LED lights were being used in 21 cities in a pilot program to promote the use of LED lights, which will save more than 164 million KWH of electricity annually, he said.

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The central parity rate of the yuan, China’s currency Renminbi (RMB), strengthened for a fifth consecutive trading day to a fresh high Thursday at 6.7 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.

The yuan’s central parity gained 69 basis points, or 0.1 percent, to 6.7181 per U.S. dollar Thursday, beating the previous record of 6.725 per U.S. dollar Wednesday, according to the data released by the China Foreign Exchange Trading System.

The yuan has seen increased volatility in the trading days since the People’s Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.

The Chinese currency’s central parity against the U.S. dollar has risen by 1.6 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC’s pledge to increase flexibility.

On China’s foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.

Based on Thursday’s central parity rates, the yuan’s value strengthened against all the currencies within its basket with lower rates except the British pound.

The PBOC released the yuan’s central parity rates against a basket of currencies — the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.

The yuan’s parity rate against the euro was set by the central bank at 8.7285 Thursday, lower from 8.7499 Wednesday. The yuan’s rate against 100 yen was 7.8496 Thursday, down from Wednesday’s 8.0941 despite the Japanese government’s move to intervene the yen’s rate against the U.S. dollar.

The Chinese currency weakened against the British pound Thursday with the rate against the British pound being fixed higher at 10.4997 from 10.4493 Wednesday.

The central parity of RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.

The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.

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