China’s total installed wind and solar power generation capacity exceeded 2 billion kW by the end of September, with 170 million kW in new capacity added over the first nine months of the year, the country’s National Energy Administration reported this week.
Solar capacity accounted for the bigger portion of that total, at 1.31 billion kW as of end-September, the NEA data showed, while wind capacity hit 700 million kW. For solar, annual growth in capacity stood at 16.5%, while growth in wind capacity stood at 20.4%.
“From the perspective of industrial development, this achievement further solidifies China’s leading advantages in the global new energy industry chain,” a senior official at the China Electricity Council said.
Indeed, that 2 billion kW in capacity represents half of the world’s total in wind and solar capacity, and is the result of massive investment and state support in alternative energy sources. These sources generated 1.93 trillion kWh over the first nine months of the year, which was 193.7 billion kWh more than they generated a year earlier. That combined total covered 64% of China’s new electricity demand this year, the report also said.
Be that as it may, China remains one of the largest hydrocarbon consumers in the world. Because of this, Beijing has been pushing domestic energy companies to ramp up oil and gas production at home to offset the impact of war-related Middle East supply disruption.
Earlier this month, China’s National Energy Administration called on PetroChina, Sinopec, CNOOC, and other domestic producers to expand production capacity, increase investment, and accelerate the development of national oil and gas supply bases. The move was prompted by the loss of Iranian crude, resulting from the U.S. naval blockade on the country, in response to Iran’s closing of the Strait of Hormuz for maritime transport following U.S. and Israeli attacks.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com
- Oil Prices Climb as Houthi Attacks Reignite Saudi Supply Fears
- US Crude Oil Inventories Buck Analyst Expectations
- Ras Tanura Fire Follows Attacks on Aramco Offices and Near Shaybah Field
