China's National Energy Administration has released new data regarding the country's solar power capacity and investment in solar projects. In the first five months of 2023, China added a significant 61.2GW of photovoltaic (PV) capacity, marking a substantial increase of 140.3% in solar power project investments compared to the same period last year.
During the January-to-May timeframe, China's cumulative installed power generation capacity reached approximately 2.67 billion kW, reflecting a year-on-year growth of 10.3%. Notably, solar power installations accounted for about 450 million kW, indicating a notable increase of 38.4% compared to the previous year. Furthermore, the installed capacity of wind power reached approximately 380 million kW, demonstrating a year-on-year growth of 12.7%.
The newly added installed solar power capacity in the first five months of this year amounted to 61.2GW, accompanied by a significant investment of RMB 98.2 billion (equivalent to US$13.6 billion), showcasing a remarkable year-on-year growth of 140.3%.
The National Energy Administration had previously released statistics for the first four months of the year, reporting a newly added PV capacity of 48.3GW. This indicates that the capacity added in May alone accounted for nearly 13GW, a substantial increase.
Moreover, the average utilization of power generation equipment across the nation during the first five months of 2023 stood at 1,430 hours, marking a decrease of 32 hours compared to the previous year. Specifically, hydropower utilization was 967 hours, representing a year-on-year decrease of 294 hours. Solar power utilization amounted to 535 hours, reflecting a decrease of 28 hours year-on-year.
On the other hand, other power sources experienced an upward trend. Wind power utilization reached 1,081 hours, increasing by 105 hours year-on-year. Thermal power utilization stood at 1,765 hours, indicating a rise of 45 hours year-on-year, while nuclear power utilization reached 3,122 hours, showing an increase of 41 hours year-on-year.
Furthermore, China's major power generation enterprises demonstrated substantial investment in power projects during the January-to-May period, amounting to RMB 238.9 billion, representing a remarkable year-on-year growth of 62.5%. Among these investments, RMB 98.2 billion was allocated to solar power projects, exhibiting a significant year-on-year growth of 140.3%. Additionally, RMB 26.9 billion was invested in nuclear power projects, showcasing a year-on-year growth of 66.5%. Investments in grid projects increased by 10.8% year-on-year, reaching RMB 140 billion.
These recent developments illustrate China's continued commitment to expanding its renewable energy sector, particularly in solar and wind power. The significant increase in solar power capacity and investments reflects the country's dedication to clean energy and its pursuit of sustainability goals.
