On July 10, the China Electricity Council (CEC) held a press conference, where Hao Yingjie, Secretary-General and Spokesperson of CEC, released the Annual Development Report on China's Power Industry 2025 (hereinafter referred to as the "Report").

This marks the 20th consecutive year that CEC has released an annual development report. As the main report in CEC's "1+N" annual report series, the Report, based on statistical and survey data of the power industry, systematically reviews China's power industry achievements in 2024, forecasts the development prospects for 2025, and comprehensively, objectively, and accurately reflects the current status of development and reform in China's power industry. It is an authoritative report that comprehensively summarizes the annual development of the industry.

The Report covers 13 aspects, including power laws and policies, power consumption, production and supply-demand, power investment and construction, market development, safety and reliability, standardization, international power development and cooperation, and prospects for power development. It is rich in content, detailed in data, and clear in viewpoints. Its "timeline" extends to the first half of 2025, enhancing its timeliness. It summarizes and highlights the highlights and characteristics of power development in 2024, such as the promulgation of the Energy Law and its significance, the level of new energy absorption, the effect of capacity price implementation, the characteristics of power carbon emissions, and the release of power carbon footprint factors, highlighting the features of the annual Report. Meanwhile, focusing on the "dual carbon" goals, it predicts the medium- and long-term development of the power industry from multiple dimensions such as "technological innovation, green transformation, and market system," and elaborates on the development ideas and trends in various fields of the power industry chain, expanding the breadth and depth of the Report.

Heads of CEC's Planning and Development Department, Statistics and Data Center, and Reliability Management Center attended the conference and answered reporters' questions. More than a dozen news media, including Economic Daily, China Daily, China News Service, Workers' Daily, Economic Information Daily, China Electric Power News, and China Environment News, participated in the conference.

The following is the full text of the Report's release:

Annual Development Report on China's Power Industry 2025
(Release Version)

2024 was a crucial year for achieving the goals and tasks of the 14th Five-Year Plan. The power industry earnestly studied and implemented the spirits of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee. With a high sense of political responsibility, it actively practiced the service tenet of "Electricity for the People" and the new energy security strategy of "four revolutions and one cooperation." It made overall efforts in ensuring power supply, promoting transformation, advancing reform, strengthening innovation, and optimizing services, went all out to ensure power supply, continuously promoted the green and low-carbon transformation of energy, vigorously advanced industry reform and innovation, and achieved clean, low-carbon, safe, and efficient development of electricity. This provided a strong power guarantee for promoting high-quality economic development and meeting the people's needs for a better life.

Looking back at 2024, the development of the power industry showed the following characteristics:

I. Continuous growth in total social electricity consumption
In 2024, China's total social electricity consumption reached 9,854 billion kWh①, a year-on-year increase of 6.8%, with the growth rate 0.1 percentage points higher than the previous year. Affected by factors such as low temperatures in the first quarter, the leap year, and warm winter in the fourth quarter, the year-on-year growth rates of total social electricity consumption in each quarter were 9.8%, 6.5%, 7.6%, and 3.6% respectively, showing a pattern of high growth in the early stage and low growth in the later stage. In 2024, electricity consumption in the primary industry was 135.8 billion kWh, a year-on-year increase of 6.4%; that in the secondary industry was 6,389.6 billion kWh, a year-on-year increase of 5.2%, accounting for 64.8% of total social electricity consumption; that in the tertiary industry was 1,835.0 billion kWh, a year-on-year increase of 9.9%, accounting for 18.6%; and that in urban and rural residential life was 1,493.6 billion kWh, a year-on-year increase of 10.5%, accounting for 15.2%.

II. The secondary industry contributed nearly half to the growth of total social electricity consumption, and electricity consumption in emerging industries became the main driver of power consumption growth
In terms of the composition of electricity consumption increment, the secondary and tertiary industries drove the growth by 3.4 and 1.8 percentage points respectively, contributing 49.9% and 26.3% to the growth of total social electricity consumption. In the secondary industry, electricity consumption of high-tech and equipment manufacturing industries increased by 10.3% year-on-year, 5.2 percentage points higher than the growth rate of the manufacturing industry. Among them, electricity consumption of photovoltaic equipment and components manufacturing increased by 19.2% year-on-year, that of new energy vehicle manufacturing increased by 34.3%, and that of wind turbine equipment manufacturing increased by 26.6%, continuing the characteristics of China's manufacturing industry transformation and upgrading in recent years. Driven by the rapid development of mobile Internet, big data, cloud computing, etc., electricity consumption of Internet and related services increased by 20.5% year-on-year; driven by the rapid development of electric vehicles, electricity consumption of charging and swapping services increased by 51.1% year-on-year, maintaining a high growth momentum in recent years.

III. Total installed power capacity maintained rapid growth
By the end of 2024, China's full-caliber installed power generation capacity reached 3.35 billion kW, a year-on-year increase of 14.6%. Among them, hydropower was 436 million kW, a year-on-year increase of 3.1% (including pumped storage of 58.69 million kW, a year-on-year increase of 15.2%); thermal power was 1.44 billion kW, a year-on-year increase of 3.9% (coal-fired power was 1.19 billion kW, a year-on-year increase of 2.6%, accounting for 35.7% of total installed capacity, a year-on-year decrease of 4.2 percentage points; gas-fired power was 140 million kW, a year-on-year increase of 13.9%; biomass power was 45.97 million kW, a year-on-year increase of 4.1%); nuclear power was 60.83 million kW, a year-on-year increase of 6.9%; grid-connected wind power was 520 million kW, a year-on-year increase of 18.0% (including onshore wind power of 480 million kW and offshore wind power of 41.27 million kW); grid-connected solar power was 890 million kW, a year-on-year increase of 45.4% (including photovoltaic power generation of 870 million kW, centralized photovoltaic of 510 million kW, and distributed photovoltaic of 380 million kW).

IV. Newly installed non-fossil energy power generation capacity became the main component, with wind and solar power accounting for 82.6% of the total newly installed capacity
In 2024, China's newly added installed power generation capacity was 430 million kW, a year-on-year increase of 17.2%. Among them, newly added hydropower was 13.79 million kW, a year-on-year increase of 46.2% (including newly added pumped storage of 7.53 million kW, a year-on-year increase of 38.1%, accounting for 54.6% of newly added hydropower); newly added thermal power was 57.68 million kW, a year-on-year decrease of 12.7% (including newly added coal-fired power of 33.10 million kW, a year-on-year decrease of 30.7%; newly added gas-fired power of 18.30 million kW, a year-on-year increase of 78.5%); newly added nuclear power was 3.93 million kW, a year-on-year increase of 183.4%; newly added grid-connected wind power was 81.37 million kW, a year-on-year increase of 6.8%; newly added grid-connected solar power was 280 million kW, accounting for 63.9% of the country's total newly added installed capacity, a year-on-year increase of 27.7%. Newly installed non-fossil energy power generation capacity was 380 million kW, accounting for 87.3% of the total newly added installed capacity. The country accelerated the construction of large-scale wind and photovoltaic bases and implemented the "Thousands of Towns and Ten Thousands of Villages Wind Power Action." Wind and solar power accounted for 82.6% of the total newly installed capacity.

V. Wind and solar power generation became the main components of power generation increment
In 2024, China's total power generation was 10,086.9 billion kWh②, a year-on-year increase of 6.7%. Among them, hydropower was 1,425.7 billion kWh, a year-on-year increase of 10.9%, accounting for 14.1% of total power generation; thermal power was 6,374.3 billion kWh, a year-on-year increase of 1.7%, accounting for 63.2%; nuclear power was 450.9 billion kWh, a year-on-year increase of 3.7%, accounting for 4.5%; wind power was 997.0 billion kWh, a year-on-year increase of 12.5%, accounting for 9.9%; solar power was 839.0 billion kWh, a year-on-year increase of 43.6%, accounting for 8.3%. Both wind and solar power generation maintained rapid growth, with a total year-on-year increase of 366.1 billion kWh, accounting for 58.1% of the total annual power generation increment.

VI. Power grid transmission and distribution capacity continued to enhance, and cross-regional and inter-provincial power transmission volume grew steadily
By the end of 2024, the length of 35 kV and above transmission lines in the national power grid was 2.477 million km, a year-on-year increase of 1.7%; among them, the length of 220 kV and above transmission lines was 960,970 km, a year-on-year increase of 3.5%. The capacity of 35 kV and above transformer equipment in the national power grid was 8.21 billion kVA, a year-on-year increase of 6.7%, among which the capacity of 220 kV and above public transformer equipment was 578,067 thousand kVA, a year-on-year increase of 4.9%. In 2024, the national cross-regional power transmission volume reached 924.2 billion kWh, a year-on-year increase of 8.8%; the national inter-provincial power transmission volume reached 1,995.1 billion kWh, a year-on-year increase of 7.0%.

VII. The overall balance of national power supply and demand
In 2024, the national power system operated stably, with an overall balance of power supply and demand. At the beginning of the year, a large-scale cold wave hit the country, with temperatures dropping significantly in many places, leading to a rapid growth in electricity load. Some provinces in North China, East China, and South China faced tight power supply during peak hours. Through the coordinated efforts of source, grid, load, and storage, the bottom line of people's livelihood electricity security was maintained. The national average temperature in summer reached the highest in the same period since 1961, and the national unified dispatch maximum electricity load reached 1.45 billion kW, a year-on-year increase of 110 million kW, setting a new historical high. East China, Central China, and Southwest China experienced continuous high temperatures in summer, with tight power supply in some periods. Through the coordinated efforts of inter-provincial spot trading, emergency dispatch, demand response, and other measures, the safe and stable operation of the power system was ensured, and no orderly power consumption measures were implemented. The temperature in winter was relatively warm, and the national maximum electricity load was lower than the same period last year, with effective and powerful national power supply guarantee.

VIII. Power source and grid investment continued to grow, with non-fossil energy power generation investment accounting for 84.6% of total power source investment
In 2024, major national power enterprises completed a total investment of 1,817.8 billion yuan, a year-on-year increase of 13.9%. The national power source project construction completed an investment of 1,209.4 billion yuan, a year-on-year increase of 13.2%. The national power grid project construction completed an investment of 608.4 billion yuan, a year-on-year increase of 15.3%. In power source investment, hydropower investment was 115.4 billion yuan, a year-on-year increase of 12.2%; thermal power investment was 187.9 billion yuan, a year-on-year increase of 38.0%; nuclear power investment was 141.9 billion yuan, a year-on-year increase of 41.6%; wind power investment was 316.3 billion yuan, a year-on-year increase of 10.9%; solar power investment was 447.8 billion yuan, a year-on-year increase of 1.9%. Investment in non-fossil energy power generation increased by 10.0% year-on-year, accounting for 84.6% of total power source investment.

IX. DC projects drove the growth of grid investment, and the construction of key transmission channels continued to advance
Investment in DC projects showed rapid growth, reaching 47.6 billion yuan, a year-on-year increase of 227.5%; investment in AC projects was 540.6 billion yuan, a year-on-year increase of 8.4%. The national investment in distribution networks was 321.6 billion yuan, a year-on-year increase of 10.1%. Among them, investment in 110 kV (including 66 kV) power grids decreased by 5.4% year-on-year; investment in 35 kV and below power grids increased by 16.1% year-on-year, accounting for 40.2% of national grid investment, a year-on-year increase of 0.3 percentage points. A number of 1000 kV UHV AC projects, such as Sichuan-Chongqing, Wuhan-Nanchang, and Zhangbei-Shengli, were successfully put into operation.

X. Solid progress in power carbon reduction and pollution reduction
In 2024, the emission intensities of soot, sulfur dioxide, and nitrogen oxides per kWh of thermal power generation nationwide were 13 mg/kWh, 77 mg/kWh, and 125 mg/kWh respectively, down by about 1 mg/kWh, flat, and flat year-on-year. The standard coal consumption for power supply of thermal power plants with 6,000 kW and above nationwide was 302.4 g/kWh, an increase of 0.51 g/kWh year-on-year. In 2024, the national power grid line loss rate was 4.36%, a year-on-year decrease of 0.18 percentage points.

XI. China's power carbon footprint factors released for the first time, filling the gap in domestic power carbon footprint factor data
On January 21, 2025, the Ministry of Ecology and Environment, the National Bureau of Statistics, and the National Energy Administration organized CEC and other units to calculate and release the Announcement on Issuing 2023 Power Carbon Footprint Factor Data, which announced the 2023 carbon footprint factors for coal-fired power generation, gas-fired power generation, transmission and distribution, etc., and the national average power carbon footprint factor (0.6205kgCO₂e/kWh). This filled the gap in domestic power carbon footprint factor data.

XII. Overall stability in power reliability
In 2024, the equivalent availability factor of hydropower units included in power reliability statistics was 93.78%, an increase of 0.40 percentage points year-on-year; that of coal-fired power units was 92.04%, an increase of 0.31 percentage points year-on-year; that of gas-fired power units was 92.30%, a decrease of 0.60 percentage points year-on-year; that of nuclear power units was 90.79%, an increase of 1.44 percentage points year-on-year; that of wind power units was 98.45%, a decrease of 0.31 percentage points year-on-year; photovoltaic power generation was included in reliability statistics for the first time, with an equivalent availability factor of 99.84%. In terms of transmission and transformation, the availability factor of 11 types of 220 kV and above transmission and transformation facilities included in power reliability statistics remained above 99.1%. In terms of DC transmission, the total energy availability rate of 51 DC transmission systems included in power reliability statistics was 95.802%, a year-on-year decrease of 0.994 percentage points; the energy utilization rate was 48.75%, a year-on-year increase of 6.67 percentage points. In terms of power supply, the national average power supply reliability rate for users was 99.924%, an increase of 0.013 percentage points year-on-year; the average outage time per user was 6.71 hours, a year-on-year decrease of 1.12 hours.

XIII. Rapid expansion of electricity market transaction scale
In 2024, the national market transaction electricity volume reached 6,179.6 billion kWh, a year-on-year increase of 9.0%; accounting for 62.7% of total social electricity consumption, a year-on-year increase of 1.3 percentage points; accounting for over 76% of power grid enterprises' electricity sales, a year-on-year increase of 1 percentage point. A total of 868,000 market entities were registered on various electricity trading platforms, a year-on-year increase of 16.9%.

XIV. Accelerated construction of electricity spot market
In 2024, China's electricity spot market ushered in a new round of deepened reform. The provincial spot markets in Shanxi, Guangdong, Shandong, and Gansu, as well as the inter-provincial spot market, were converted to formal operation. The southern regional electricity market completed its first full-month settlement trial operation. Except for Tibet, Hong Kong, Macao, and Taiwan, 30 regions nationwide have carried out spot market operation practices, and the construction of the electricity spot market has been comprehensively accelerated. In October 2024, the inter-provincial electricity spot market was converted to formal operation, covering State Grid Corporation and Inner Mongolia Electric Power Company, with over 6,000 participating entities and a cumulative transaction electricity volume of over 88 billion kWh, of which clean energy accounted for 44%. This effectively played a role in promoting surplus and shortage mutual assistance and improving clean energy absorption.

XV. The electricity volume of new energy participating in market-oriented transactions exceeded one trillion kWh, accounting for 55% of total new energy power generation
In 2024, to adapt to the needs of large-scale development of new energy, the pace of new energy entering the market was further accelerated. The national new energy on-grid electricity volume was 1,835.1 billion kWh, of which the market-oriented transaction electricity volume reached 1,011.7 billion kWh, accounting for 55% of total new energy power generation.

XVI. Continuous improvement of green electricity and green certificate trading mechanisms, with green certificate trading scale quadrupling
In 2024, the power industry actively built a green electricity and green certificate market system, continuously improved trading mechanisms, and promoted the continuous expansion of green electricity and green certificate trading scale. A total of 4.734 billion green certificates were issued throughout the year, a year-on-year increase of over 28 times. The national green certificate trading scale was 446 million, quadrupling year-on-year, including 277 million green certificates traded independently, mainly through inter-provincial transactions; and 169 million green certificates from green electricity trading, mainly through intra-provincial transactions.

XVII. National coal-fired power units received a total of 95 billion yuan in capacity fees annually, and coal-fired power is accelerating its transformation to "bottom-line supply guarantee and system regulation"
2024 was the first year of the formal implementation of the coal-fired power capacity price policy. Throughout the year, national coal-fired power units received a total of 95 billion yuan in capacity fees, with a capacity price of 0.0207 yuan per kWh. The capacity fee acquisition rate of major power generation enterprises was close to 90%. The capacity price alleviated the operational pressure of coal-fired power enterprises caused by the decline in utilization hours through a fixed cost recovery mechanism, promoting the transformation of coal-fired power units to the function of "bottom-line supply guarantee and system regulation."

XVIII. New energy investment still dominates the field of power foreign investment
By the end of 2024, major Chinese power enterprises had 51 foreign direct investment projects, with a total investment of 5.720 billion US dollars, a year-on-year increase of 29.32%. Foreign investment of major Chinese power enterprises mainly involves solar power generation, hydropower, wind power, energy storage, distribution, and other fields. In terms of the number of projects, new energy investment still occupied an absolute advantage in foreign investment in 2024, accounting for about 76.5% of the total, including 43.1% in solar photovoltaic power generation and 33.3% in wind power.

Forecast for 2025: The national power supply and demand will show an overall balance
Considering China's current economic growth potential and national macro-control policies, it is expected that the national total social electricity consumption will increase by 5%-6% year-on-year in 2025. The national newly added power source installed capacity will still maintain rapid growth. It is expected that the increment of conventional power sources will be equivalent to the increment of electricity load. The commissioning of UHV DC will reach a peak, and the resource allocation capacity will be further enhanced. However, due to the continuous increase in the proportion of new energy power generation installed capacity, the uncertainty of wind, solar, and water resources increases the risk of power supply in some areas and periods. Considering factors such as electricity growth, commissioning of power sources and grids, and temperature uncertainty, it is expected that the national power supply and demand situation in 2025 will show an overall balance. During the peak period of summer power supply guarantee, power supply in some provincial power grids will be tight, but the tight situation can be alleviated through measures such as increasing external power purchase and maximizing inter-provincial and cross-regional support. During the winter power supply guarantee period, power supply and demand will be basically balanced.