In 2026, the Chinese power system is struggling to digest the additions of solar and wind from 2024-25. This will persist into next year, even as growth slows. The share of wind and solar generation in the mix last year (22%+) had already exceeded the level where it's just "free power absorbed into a thermal system". The system will need to be explicitly re-organized around accommodating large volumes of intermittent, non-dispatchable generation. It's tempting to say: "what's the problem with having too much power? Isn't that basically a good thing?" And it can be, except when you sell that power into a market that wants to price that power according to scarcity. When that happens, power prices can be too low to support further investment, or grids can be physically strained beyond their ability to integrate more. Beyond this, I have some broader comments about certain frames used in the piece.