The China Electric Power Construction Enterprise Association recently released the “China Electric Power Construction Industry Annual Development Report 2023” in Beijing, which shows that major Chinese power enterprises completed an investment of 1247 billion yuan in 2022, a year-on-year increase of 15.6%, of which solar photovoltaic power generation investment increased by 232.7%.
According to statistics from the report on investment in China’s power engineering, in 2022, the investment in China’s power engineering construction was 746.4 billion yuan, a year-on-year increase of 27.2%, and the growth rate was 16.3 percentage points faster than the previous year. China’s power grid engineering construction investment reached 500.6 billion yuan, a year-on-year increase of 1.8%, with a growth rate 1.4 percentage points higher than last year.
The report also shows that in 2022, the investment in hydropower projects was 87.2 billion yuan. Due to the increase in the comparison base of the same period last year, the growth rate decreased by 25.7% year-on-year due to the already put into operation Baihetan Hydropower Station and the completed Jinsha River downstream hydropower base; Thermal power investment was 89.5 billion yuan, a year-on-year increase of 26.4%; Nuclear power investment reached 78.5 billion yuan, a year-on-year increase of 45.7%; The investment in wind power was 2011 billion yuan, a year-on-year decrease of 22.3%, while the investment in solar photovoltaic power generation was 286.5 billion yuan, a year-on-year increase of 232.7%.
In terms of power engineering construction in China, the report analysis suggests that the focus will continue to shift towards new energy and regulated power sources. As of the end of 2022, China’s total installed capacity for power generation was 2567.33 million kilowatts, an increase of 8.0% compared to the previous year. In 2022, China added 202.98 million kilowatts of installed power generation capacity, an increase of 13.3% compared to the previous year. 23.71 million kilowatts of hydropower were added (8.8 million kilowatts of pumped storage), an increase of 1.0% compared to the previous year; Thermal power added 45.68 million kilowatts (26.2 million kilowatts of coal-fired power and 6.49 million kilowatts of gas-fired power), a decrease of 7.5% compared to the previous year; Nuclear power added 2.28 million kilowatts, a decrease of 32.9% from the previous year; Wind power added 38.61 million kilowatts, a decrease of 19.0% from the previous year; Solar photovoltaic power generation added 88.21 million kilowatts, an increase of 61.7% compared to the previous year.