Tongwei Liu Hanyuan: Photovoltaics may surpass thermal power to become China's largest power source in the next three years

According to news from this site on September 3, at the 2024 Yabuli Entrepreneurs Conference from August 30 to September 1, Liu Hanyuan, chairman of Tongwei Group, said: “As of the end of 2023, China’s photovoltaic installed capacity has exceeded hydropower installed capacity. It will become the second largest power source, second only to coal power generation, and may surpass thermal power generation installed capacity to become the largest power source in the next three years. "Liu Hanyuan also believes that industry and industrial development have the conditions for the transformation of the energy economy, and China has the largest transformation from energy. The pressure country may evolve into a leader in the world's energy transformation. China is now home to the world's largest photovoltaic industry, with the overall industry accounting for more than 80% of the world's market share. The rapid decline in photovoltaic costs is due to the continuous advancement of technology. In the process, China has formed the largest and most competitive photovoltaic industry in the world. In 2023, China's new photovoltaic installed capacity will be 216 million kilowatts, becoming the world's largest new addition, and the cumulative amount is also the world's largest new addition. According to the official website of Tongwei Group, the company is a vertically integrated photovoltaic enterprise with upstream high-purity crystalline silicon production, midstream solar cell and module production, and terminal photovoltaic power station construction and operation. This site inquired and learned that on the evening of August 30, Tongwei Group disclosed its 2024 interim report. The company’s total operating income in the first half of the year was 43.797 billion yuan, a year-on-year decrease of 40.87%, and the net profit attributable to the parent company was a loss of 3.129 billion yuan. Regarding the reasons for the sharp decline in performance, Tongwei Co., Ltd. analyzed in its semi-annual report that the rapid development of the new energy industry has attracted a large amount of new social investment in recent years, and related production capacity has been gradually released. The rapid and concentrated growth of the supply side has led to intensified market competition. The prices of main photovoltaic products have dropped significantly year-on-year since the second half of 2023. The company's photovoltaic operation scale has expanded, but it is not enough to cover the sharp drop in product prices. Revenue has declined, and profitability has been under periodic pressure. According to the National Energy Administration of China, as of the end of June this year, China's installed renewable energy power generation capacity reached 1.653 billion kilowatts, a year-on-year increase of 25%, accounting for approximately 53.8% of China's total installed power generation capacity.

As of the end of June 2024,

China’s hydropower installed capacity is 427 million kilowatts
Wind power installed capacity is 467 million kilowatts
Solar power generation capacity is 714 million kilowatts
Biomass power generation The total installed capacity of wind power and photovoltaic power generation (1.18 billion kilowatts) has exceeded the installed capacity of coal power (1.17 billion kilowatts).

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