It means that the electricity you would have to pay if you did the computations yourself would be more expensive than paying them to do it. Part of thst has to do with the fact that China has cheap electricity, also due to their massive push into renewables. Part of that is just economies of scale. A big server farm can run more efficiently than your PC on average.
Normslly you'd expext that more (and cheaper) supply would drive down prices. Classic market logic.
How do do you explain that this market logic ceases to exist for renewables only? A whopping ~2TW or ~35% of generated power in China is renewable and since renewable energy is roughly 1.5 to 4 times cheaper than e.g. coal per kW/h produced that ought to have some impact.
If it has not I'd be curious in your explaination of the mechanism involved.
China's power price has never reflected market costs. But the reason why you arent seeing it drop with so much renewables added is because your numbers are wrong. Its about 20-25% generated as renewables over the past 5 years and while a lot of renewable capacity and non renewable capacity has been added the power demand has raised to match. When we look at the current demand its a near inf scale whatever is available modern industry will consume.
When we compare this to the power boom in the 2000s they were able to build enough energy generation to meet demand and were able to drive the price down from 30c rural and 17c city to 8cents for both.
