According to China Electricity Council’s recently issued report H1 2021 China Power Supply and Demand Analysis and Forecast, China’s newly added power generating capacity will be 180 GW, and the total installed capacity will surpass 2,370 GW by the end of 2021, up 7.7% Y-O-Y. Herein, the non-fossil power generating capacity is expected to newly add 140 GW.
According to China NBS, China’s power consumption reached 3,930 TWh in the first half of 2021, up 16.2% Y-O-Y and 7.6% higher than 2-year avg. The fundamental balance remained stable largely but with short-term and regional shortage. In January, power shortage caused by cold spells affected Jiangsu, Zhejiang, Anhui, Hunan, Jiangxi, Sichuan, Xinjiang, etc., and in Q2, 2021, the western Inner Mongolia, Guangdong, Yunnan and Guangxi experienced different levels of power shortage, especially in Guangdong and Yunnan, because of the delayed rainy season and strong consumption. It is estimated the H2 2021 power consumption will slow down to 6% Y-O-Y, and the annual power consumption growth will be around 10%-11% Y-O-Y.
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