China's power grids will pay 0.75-0.85 yuan/KWh for electricity produced by offshore wind turbines, the National Development and Reform Commission (NDRC) announced in a statement on June 19, in a bid to encourage more investment in the sector.<br /> <br /> The on-grid tariff would be paid to wind farms completed and operated before 2017, the NDRC said.<br /> <br /> Prices for projects launched after 2017 will be adjusted in accordance with technological improvements and changes in costs, the NDRC added.<br /> <br /> The policy was designed to encourage the development of China's rich offshore wind resources, the statement said.<br /> <br /> <p> China’s offshore capacity stands at just 400 MW at present, amounting to less than 0.5% of total wind capacity, which stood at 82.27 GW by the end of May, up 23.1% year on year and accounting for 6.6% of the national total.&nbsp; </p> <p style="text-align:center;"> <img src="/upfiles/news/image/20140625/20140625151232_0415.jpg" alt="" /> </p>