China’s government plans to consolidate its energy industry authority into a new ministry, to replace the National Energy Administration, unnamed sources told Reuters. The NEA was set up ten years ago as a unit of the National Development and Reform Commission—the authority in charge of economic planning. The new ministry will not be part of the NDRC, the sources said, adding that it will handle energy-related issues that are currently the responsibility of several government agencies. The move signals China’s acknowledgement of the growing importance of its energy sector, including both fossil fuels and renewables. According to the sources, the new ministry will manage the liberalization of the country’s electricity market and the opening up of its energy infrastructure to private investment, including from foreign companies. China last year overtook the United States as the biggest oil importer in the world, as it brings more refining capacity online and […]