Outlook for 2025
China’s energy and electricity demand continued to grow at a fast pace, demonstrating the high potential of national economic development. Since 2020, the growth rate of power demand has steadily outpaced that of gross domestic product (GDP). In 2024, the national total electricity consumption reached 9.85 trillion kWh, representing a year-on-year growth of 6.8%, which was higher than its year-on-year GDP growth of 5%. This reflected China’s rapid progress in electrification, particularly in the popularization of EVs and the rapid development of AI technology.
In response to the growing power demand and in order to achieve the Dual Carbon Goals, the installed capacity of new energy power generation in China is expected to continue to grow at a rapid pace. By the end of 2024, the installed capacity of new energy power generation, including wind power, solar power and biomass power, has reached 1.45 billion kW, surpassing that of thermal power generation for the first time, and marking an important milestone in China’s energy mix transition.
The increasing incorporation of power generated by new energy has put forward new requirements for the power grid system, but also created a vast room for development in terms of technological innovation and industrial upgrade. It is expected that the ability of the power grid system to incorporate green power will be further strengthened by fulfilling the flexible interaction of load and storage between the power sources and the power grid in the coming future.
The year 2025 marks the conclusion of the “14th Five-Year” plan, which is also a year for deployment of the next five-year plan and a critical time in the Company’s strategic transformation. During this period of uncertainties and opportunities, the Company will actively adapt to market changes, take decisive actions to identify and seize opportunities, and enhance overall management efficiency, all the while remaining steadfast in its commitment to excellence in a bid to consolidate the Company’s position as the flagship listed company of SPIC. To pursue this vision, we will focus on the following tasks: