Non-fossil fuel power generation to hit 70% by 2030

The proportion of non-fossil fuel power generation capacity in China is expected to approach 70 percent by 2030, driving the share of non-fossil fuel energy consumption to exceed 25 percent, according to a recently released report.

The growth rate of electricity consumption this year in China will be close to that of 2023, a 6.7 percent year-on-year, while new installations of renewable energy in 2024 will also continue to rapidly grow, according to the annual development report of China's electric power industry 2024 released by the China Electricity Council in Beijing, on Wednesday.

The power supply capacity will keep improving, further ensuring stable power supply across the country. The total electricity consumption of the whole society is expected to increase by 6.7 percent year-on-year, with the growth rate rising quarter by quarter throughout the year, it said.

According to the council, China's major electric power companies signed 205 new overseas engineering contracts last year, amounting to $26.46 billion. These new overseas engineering projects involved 55 countries and regions, with the highest proportions in Asia and Africa, accounting for 59 percent and 23.9 percent respectively.

By the end of 2023, the total value of overseas engineering contracts signed by China's major electric power companies had accumulated to $402.43 billion, it said.

The overseas investments of China's major electric power companies mainly involved the fields of solar power generation, wind power, hydropower, power transmission and transformation. In terms of the number of projects, the new energy sector accounted for the largest share of overseas investment projects, making up about 61.8 percent, with solar photovoltaic power generation accounting for 50 percent and wind power accounting for 11.8 percent.

Domestic investment in national power grid construction reached 527.7 billion yuan ($73.88 billion) last year, representing a year-on-year increase of 5.4 percent. The growth rate of power source investment hit a record high, with non-fossil fuel power generation investments accounting for 89.2 percent of the total, said the council.