China Electricity Council: The Estimated Annual Electricity Consumption of The Whole Society will Increase by 4% - 5% Year on Year
On October 25th, China Electricity Council issued The Analysis and Forecast Report on National Power Supply and Demand Situation in the Third Quarter of 2022,which estimated that the electricity consumption of the whole society will increase by 4% - 5% year on year. According to the Report, in the first three quarters, the whole electricity consumption has increased by 4% year on year to 6.49 trillion kilowatts. In the first, second and third quarters, the electricity consumption of the whole society increased by 5.0%, 0.8% and 6.0% year on year respectively. In the third quarter, driven by the gradual implementation of policies and measures aimed at stabilizing the economy and the continuous large-scale extreme high temperature weather and other factors, the growth rate of electricity consumption rebounded significantly from that in the second quarter.
In terms of power production and supply, by the end of September 2022, the installed capacity of full-caliber power generation in China was 2.48 billion kilowatts, up 8.1% year on year. From the perspective of investment type, growth rate of power generation installed capacity and structural change, non-fossil energy power generation accounted for nearly half of the installed capacity, showing a continuous trend of green and low-carbon transformation in power industry.
According to the Report, considering the national economic stabilization policies and measures, the current epidemic situation and the forecast of winter temperature this year, the power consumption of the whole society in the fourth quarter of 2022 will grow steadily, with a year-on-year growth of 4% - 5%.
In addition, the Report predicts that the annual new installed capacity of power generation will be about 230 million kilowatts, including about 180 million kilowatts of non-fossil energy power generation. It is also estimated that by the end of 2022, the installed capacity of full-caliber power generation will reach about 2.6 billion kilowatts, including a half of the non-fossil energy power generation, about 3% proportion higher from that at the end of 2021,which will increase by 16% year on year to 1.6 billion kilowatts.