(Yicai Global) Jan. 17 -- China's State Grid Corp., the world's largest utility, achieved remarkable results last year in its shift towards new energy with wind and solar power generation surging 39.8 percent to 3,333 billion kilowatt-hours over the year before, Xinhua News Agency Reported today.

The Beijing-based firm also reported new energy transaction volumes between different provinces expanded 35.6 percent last year to 49.2 billion kWh, following its efforts to actively promote these activities. 

The State Grid relaxed restrictions on new energy production and consumption, allowing generation grow in 2017, while also boosting cross-border trade of resources, said Spokesperson Wang Yanfang.

The company initiated an intra-provincial spot market for surplus renewable energy last year, while also commencing pilot projects to reduce wasted water, wind and solar electricity resources. Spot transactions for power reached 6,922 million kilowatt-hours over the year, Wang added.

The utility will put a batch of ultra-high voltage power transmission projects into operation this year, boosting trans-provincial output capacity for new energy resources, while a unified national power market, he said.