China's grid infrastructure investment will exceed 530 billion yuan this year

The report shows that China's power investment has accelerated, and it is expected that the power grid infrastructure investment will exceed 530 billion yuan in 2024.

According to China News Service, the Southern Power Grid Energy Development Forum and the research results of the Southern Network Energy Institute were held in Guangzhou on Friday (July 26), and four reports were released, including the "China Power Industry Investment Development Report (2024)" (referred to as the "Report").

According to the report, China's total investment in electricity accelerated, and the total investment in the industry in 2023 reached 1,550.2 billion yuan, an increase of 24.7% year-on-year, the highest growth rate in the past decade.

Among them, the power supply was a historic large-scale investment, bringing significant growth in installed capacity, and the new installed capacity was as high as 371 million kilowatts. Investment in traditional power sources is picking up, and investment in thermal power, hydropower and nuclear power will exceed 100 billion yuan in 2023. Investment in new energy reached a new high, and investment in wind power and photovoltaic power generation and new installed capacity reached a record high.

The report predicts that the scale of China's thermal power investment will stabilize and decline in the next three years; Wind power photovoltaic and other new energy investment will continue to remain high; Power grid infrastructure investment will grow steadily, maintaining more than 500 billion yuan, and power grid infrastructure investment will exceed 530 billion yuan in 2024.

In order to speed up the construction of a new power system, promote the high-quality development of new energy and promote large-scale equipment renewal and transformation, the State Grid Corporation of China will complete 600 billion yuan in power grid investment in 2024, exceeding 600 billion yuan for the first time and increasing by 71.1 billion yuan year-on-year, Xinhua News Agency reported last Friday.