Ann: FY24 Earnings Guidance, page-16

And why do you think this write down happened? The grid had a massive influx of extremely cheap power in the form of wind and solar come online which pushed the wholesale power prices down. They even said it themselves that they did not expect the wholesale price to come down so much. The very argument that you bring just proves that wind is cheap. The utility companies were greedy and shoved more supply into the grid than the grid could handle. Naturally it brings prices down. You could bring 50TW of coal fired power plants online tomorrow and guess what will happen to the price of power.. It’ll go to near zero.

Once more, China would not have invested so heavily in wind and solar if it were not worth it. They know cheap power is the backbone of any economy and coal is a commodity which can be manipulated and costs can skyrocket at the whim of those who own the supply. You cannot control the wind so this is not a problem.