China's total installed photovoltaic (PV) capacity reached 540GW at the end of October, according to data released by the country's National Energy Administration. The figures, covering January to October, indicate that China's cumulative installed power generation capacity reached approximately 2.81 billion KW by the end of October, reflecting a year-on-year increase of 12.6%.
Installed solar power capacity for the period was approximately 540GW, marking a substantial 47.0% year-on-year increase, while wind power installed capacity reached around 400GW KW, showing a 15.6% increase compared to the previous year.
In terms of new installations, photovoltaic installations reached a scale of 142.56GW. October alone contributed 13.6GW to this figure, surpassing the 128.9GW added in the first three quarters. The data indicates that China's PV additions from January to October have already exceeded the total additions of the previous year, which stood at 87.41GW in 2022, setting a new historical record.
If the current development trend continues, and November and December maintain the average monthly additions of the first ten months, China's PV installations for this year are expected to reach a new historical peak, projected to be around 170GW.
Despite the significant increase in PV installations, there has been no notable occurrence of solar energy curtailment. China's power grid has undergone rapid updates in recent years, demonstrating robust carrying capacity, particularly with the contributions of distributed photovoltaics, energy storage, and flexibility improvements in thermal power.
In terms of investment, solar power generation ranked first in year-on-year growth. Major power generation companies in China completed investments totaling RMB662.1 billion from January to October, marking a 43.7% increase year-on-year. Investments in solar power generation amounted to RMB269.4 billion, showing a substantial 71.2% year-on-year increase.
Wind power investments reached RMB171.7 billion, a 42.5% increase, and nuclear power investments were ¥67 billion, up 41.5%. Grid project investments totaled RMB373.1 billion, reflecting a 6.3% increase compared to the previous year.
