China’s total installed PV capacity reached 540GW at the end of October, according to figures released by the country’s National Energy Administration.
The figures covering January to October show that by the end of October, China’s cumulative installed power generation capacity was approximately 2.81 billion KW, a year-on-year increase of 12.6%. Installed solar power capacity for the period was about 540GW, up 47.0% year-on-year; wind power installed capacity was around 400GW KW, increasing by 15.6% compared to the previous year.
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In terms of new installations, photovoltaic installations reached a scale of 142.56GW. Comparing this with the 128.9GW added in the first three quarters, October alone saw an addition of 13.6GW.
Looking at the growth, China’s PV additions from January to October have already surpassed the total additions of last year. In 2022, China’s new PV installation capacity was 87.41GW, setting a new historical record.
Given the current development trend, if November and December maintain the average monthly additions of the first ten months, China’s PV installations for this year are expected to reach a new historical peak, projected to be around 170GW.
Despite the sharp increase in PV installations, there has been no significant occurrence of solar energy curtailment. Over the past few years, China’s power grid has been rapidly updated and demonstrated strong carrying capacity, especially in the roles played by distributed photovoltaics, energy storage, and flexibility improvements in thermal power.
In terms of investment, solar power generation ranked first in year-on-year growth, showing strong momentum.
According to the data of China National Energy Administration, from January to October, China’s major power generation companies completed investments of RMB662.1 billion, a 43.7% increase year-on-year. Investments in solar power generation amounted to RMB269.4 billion, up 71.2% year-on-year; wind power investments were RMB171.7 billion, a 42.5% increase; and nuclear power investments were ¥67 billion, up 41.5%. Grid project investments totaled RMB373.1 billion, a 6.3% increase compared to the previous year.