$11.4 billion in Chinese investments in solar energy this year, a 304 percent jump

China’s major power generation companies recorded an increase in investment in solar energy projects in the first seven months of this year.
The National Energy Authority said investment rose 304 percent from last year to 77.3 billion yuan (about $11.4 billion) in the January-July period.
The total investment of these companies in power engineering projects reached 260 billion yuan during the period, up 16.8 percent year on year, according to Xinhua News Agency.
The data showed that investment in power grid projects rose 10.4 percent year on year to 223.9 billion yuan.
As of the end of July, China’s total installed power generation capacity was about 2.46 billion kilowatts, up 8 percent over the previous year, the authority said.
The new energy vehicle market in China is expected to witness rapid expansion from 2022 to 2026, according to a report issued by the International Data Corporation, which specializes in global market research.
The country’s NEV market size is expected to reach 15.98 million units in 2026, with a compound annual growth rate of 35.1 percent over the cited period, the report said.
The report also expected that the compound annual growth rate of pure electric vehicles would reach 37.5 percent, while the compound annual growth rate of plug-in hybrid electric vehicles would reach 20.5 percent.
The data showed that the penetration rate of new energy vehicles in the Chinese market is likely to exceed 50 percent in 2026.
Consumers believe that existing public charging and replacement facilities for new energy vehicles can generally meet the demand for short-distance trips in urban areas, according to the results of a survey by the international data company.
In addition, the Chinese province of Sichuan yesterday made the highest levels of emergency response, in light of the “extremely severe” shortage of electricity supply, which exacerbates the problems faced by manufacturers in the region.
The province, located in southwest China, said extremely high temperatures and low rainfall since July, along with record electricity demand, had caused gaps in the energy supply.
The local government pledged to reduce the impact of the electricity shortage on economic growth, industrial production and the household sector.
It is the first time Sichuan has made such a high level of emergency since it announced a power supply emergency plan in January.
Sichuan, one of China’s most populous provinces, is a major manufacturing center for vehicle electronic cells and solar panels.
The electricity shortage is exacerbating the difficulties faced by factories already struggling to comply with China’s “zero corona” decision, which includes sudden closures, continuous testing and restrictions on movement.

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