China’s electricity consumption set to surge by 6.5% in 2024
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Reports say China’s rising electricity demand will pressure the nation’s power sector. The research report by State Grid Corp. of China said power supply and demand will be tight during local peak hours.
Electricity consumption is expected to reach 9.8 trillion kWh this year, a 6.5% increase from 2023. The report forecasts, “By the end of 2024, the national installed capacity will reach 3.32 billion kW, of which new energy installed capacity will account for more than 40%, and solar energy installed capacity will account for more than a quarter.”
Read more: China faces infrastructure strain amid record solar and wind installations
In 2024, the newly commissioned installed power generation capacity in China is expected to increase by 9.4% as the volume of new hydropower rises more than a third, and additional wind and nuclear plants are added.
Power Supply Forecast According to the Report:
- Hydropower: 13.98 million kW will be newly commissioned.
- Thermal Power: 62.65 million kW will be newly commissioned.
- Nuclear Power: 3.9 million kW will be newly commissioned.
- Wind Power: The scale of newly commissioned wind power will reach 90 million kW.
- Solar Power: The scale of newly commissioned solar power will build on the high base from 2023, reaching 240 million kW
The report highlights, “The national power generation is growing rapidly, and thermal power is still the main power source, but the new power generation mainly comes from non-fossil energy power generation.”
Measures recommended by the report:
- Enhance Primary Energy Supply: Improve power supply planning, construction, and unit operation and maintenance to boost capacity.
- Upgrade Power Grid Infrastructure: Improve the grid structure to better accept, configure, and regulate clean energy.
- Optimize Electricity Transactions: Strengthen the management of medium- and long-term transactions, leveraging cross-provincial and cross-regional assistance.
- Improve Load Management: Optimize peak-valley electricity pricing policies and enhance demand response through market signals.
The ongoing release of market demand will drive steady growth in electricity consumption across traditional industries, with the ferrous metal industry continuing to operate stably.
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