WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 182
MARKET
DATA
• Clean energy contributed a record $1.6tn to China’s economy in 2023 and China’s investment in clean energy remains to be around $890B in 2023
• China unveils equipment renewal plan for energy sector; By 2027, China's equipment investment in key areas of the energy sector is expected to increase by more than 25% compared
with 2023, according to the action plan jointly released by the NDRC and the National Energy Administration.
Government agencies such as the National Development and Reform
Commission (NDRC) and the National Energy Administration are primarily
responsible for establishing policies and standards for the electricity sector.
1%
0%
CO2 Emissions (million tons of CO2 equivalents)
These agencies are also responsible for overseeing the operation of the
electricity market and regulating electricity prices
13000
12603.5
3%
2023 Electricity Mix
Oil
18%
Natural Gas
12500
New Generation Capacity- Wind (In GW)
12000
11941.3
Coal
11895.5
13%
61%
11500
1573.6
2000.0
2021
1000.0
500.0
Hydro
Renewables
Others
4%
0
1500.0
2022
2023
Sources: Statistical Review of World Energy 2024
Sources: Statista, Statistical Review of World Energy 2024
442.0
Nuclear Energy
0.0
2030
Sources: GlobalData, IRENA
New Generation Capacity - (Solar in GW)
2000.0
2023 Electricity consumption by sector
9%
1690.0
Industry
1500.0
Electricity grid in China is operated by the State Grid Corporation of China
in the North and China Southern Power Grid Co Ltd in the South. State
Grid covers about 26 provinces in eastern, central, and northern regions,
while the latter covers 昀椀ve provinces in southern China.
Currently, China’s power market is based primarily on provinces balancing
electricity supply and demand, with thermal power playing a key role.
Inter-provincial power transactions are governed by government contracts,
which are based on prices that do not directly re昀氀ect actual supply or
demand.
17%
1000.0
610.0
Residential
Others
0.0
16%
2030
2023
Sources: Enerdata
Sources: GlobalData, IRENA
• State Grid Corporation of China: Supplies electricity to over 80% of China.
CO₂ pricing ( US$/tCO₂e )
Sources:
CO₂ emissions + Electricity mix
https://www.energyinst.org/statistical-review
Electricity consumption by sector
https://www.enerdata.net/estore/energy-market/china/#:~:text=Power%20Consumption,and%2017%25%2C%20respectively).
CO₂ pricing
Carbon Pricing Dashboard | Up-to-date overview of carbon pricing initiatives (worldbank.org)
Enerdata
China’s State Grid will invest US$70bn in grid network construction in 2024 | Enerdata
New gen capacity
https://www.globaldata.com/media/power/china-reach-2030-solar-wind-energy-target-five-years-ahead-schedule-says-globaldata/
https://www.statista.com/statistics/239093/CO₂-emissions-in-china/#:~:text=Carbon%20dioxide%20emissions%20emissions%20in%20China%20
1960%2D2021&text=China%20released%2011.47%20billion%20metric,world's%20largest%20polluter%20that%20year.
http://www.sgcc.com.cn/html/sgcc_main_en/col2017112307/column_2017112307_1.shtml
https://thelawreviews.co.uk/title/the-energy-regulation-and-markets-review/china
https://www.carbonbrief.org/analysis-clean-energy-was-top-driver-of-chinas-economic-growth-in-2023/#:~:text=Our%20analysis%20shows%20that%20
investment,tn%20yuan%20(%2B60%25).
Services
58%
500.0
• 2024 Investment: CNY 500 billion (US$70 billion) in grid network construction.
• Plans: Complete 6 UHV AC lines and start new UHV projects.
12.6
15
10
9.2
8.2
2022
2023
Sources: Enerdata, GlobalData
5
0
Sources: World Bank
• China will exceed its 2030 target by 2025 with a projected 1,720 GW of solar and wind
capacity, surpassing the 1,200 GW.
2024
WEMO 2024
2023
182
China
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