Decline in March Solar PV Installations
According to the National Energy Administration’s statistics released on April 22, China’s total electricity industry data for January to March revealed significant developments. In the first quarter of 2024, wind and solar photovoltaic (PV) newly installed capacities reached 15.5GW and 45.74GW, respectively, marking a 49% and 36% year-on-year increase over 2023.
March PV Installations Down by 32%
Comparing March 2024 with the same period last year, PV installations declined by 32%, reaching 9.02GW. In 2023, PV installations from January to March accounted for 66% of the overall electricity installations.
As of the end of March, China’s cumulative power generation capacity was approximately 2.99 billion kilowatts, reflecting a 14.5% year-on-year increase. Solar power generation capacity stood at around 660 million kilowatts, up by 55.0%, while wind power capacity reached approximately 460 million kilowatts, marking a 21.5% increase.
Power Generation Utilization Hours
From January to March, the average utilization hours for various power generation sources witnessed fluctuations compared to the same period last year. Nuclear power utilization dropped by 36 hours to 1828 hours, solar power by 24 hours to 279 hours, wind power by 19 hours to 596 hours, while thermal power increased by 31 hours to 1128 hours, and hydropower rose by 11 hours to 555 hours.
Investment Trends in Electricity Industry
In the first quarter, major power generation enterprises invested 136.5 billion yuan in power projects, marking a 7.7% year-on-year increase. Meanwhile, investment in grid projects amounted to 76.6 billion yuan, reflecting a 14.7% year-on-year growth.
The data highlights significant shifts in China’s electricity industry, particularly in solar PV installations, reflecting the evolving landscape of renewable energy development and investment trends.
Source：pvmen.com
