China Achieves Milestone with 1.45 Billion Kilowatts of Renewable Energy Installed Capacity, Surpassing 50% of National Power Generation

In a recent announcement from China's National Energy Administration, it has been revealed that the country's newly added electricity capacity in 2023 reached approximately 330 million kilowatts, pushing the total installed capacity to 2.9 billion kilowatts, marking a notable year-on-year growth of 12.9%. This surge in power capacity has been instrumental in maintaining overall stability in the nation's electricity supply.

A significant highlight is the robust contribution of renewable energy to China's power landscape, emerging as a pivotal force in ensuring reliable power supply. The total installed capacity of renewable energy surpassed the 1.3 billion and 1.4 billion kilowatt marks, reaching an unprecedented 1.45 billion kilowatts. This achievement represents a historic milestone, as renewable energy's share in the national power generation capacity now exceeds 50%, surpassing conventional thermal power installations.

China's energy security and stable supply capabilities have seen steady enhancement. In 2023, long-term contracts for national coal supply reached a cumulative total of nearly 2.5 billion tons. Currently, the national dispatchable power plants maintain a coal reserve of over 200 million tons, a historical high. The orderly release of advanced coal capacity is underway. Additionally, new capacities in crude oil production stand at 22.5 million tons, and natural gas production reaches 420 billion cubic meters, with crude oil production consistently exceeding 200 million tons and a 4.5% year-on-year increase in natural gas production, totaling over 2300 billion cubic meters.

China's stride towards green and low-carbon energy transformation has accelerated. In 2023, the total installed capacity of wind and solar power surpassed 1 billion kilowatts, with the proportion of wind and solar power generation in the total social electricity consumption exceeding 15%. The construction of large-scale wind and solar power bases is progressing smoothly, with the first batch already commissioned at 45.16 million kilowatts by the end of November. The approval for the second and third batches, exceeding 50 million kilowatts, is in progress and gradually entering construction. Over 24 million kilowatts of new energy storage projects have been completed and put into operation. The infrastructure for electric vehicle charging has exceeded 8 million units.

Looking ahead to the key tasks for 2024, China is committed to maintaining crude oil production at 200 million tons and sustaining the positive momentum in natural gas production. The coal-electricity layout will be scientifically and reasonably optimized, and necessary backup power sources will be arranged for regions facing potential electricity shortages over the next three years. With a focus on realizing the "dual carbon" goals, China will continuously optimize and adjust its energy structure, vigorously enhance the security and reliability of new energy alternatives, and anticipates an annual increase of approximately 200 million kilowatts in national wind and solar power installations.

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