As the world's largest wind power market, although the wind power industry has developed rapidly in recent years, the proportion of wind power generation in China's energy structure is still relatively low. According to data from the National Energy Administration, as ofAt the end of 2022, the installed capacity of wind power grid connected will be 365.44GW, accounting for 14.25%; The proportion of wind power generation in the total national power generation in 2022 is only 8.19%. Compared with developed countries with relatively mature wind power development and China's energy development plan, the wind power industry has enormous development space.

1. Current situation of wind power industry

according toCICC Enterprise TrustData statistics, as ofAt the end of 2022, China's cumulative installed capacity of wind power was 375.94GW, accounting for 41.49% of the global cumulative installed capacity of wind power. The compound annual growth rate of China's cumulative installed capacity of wind power from 2012 to 2022 was 17.44%; In 2022, China's newly installed wind power capacity was 37.63GW, accounting for 48.49% of the global newly installed wind power capacity during the same period. The compound annual growth rate of China's newly installed wind power capacity from 2012 to 2022 was 11.25%. At present, the development of wind power in China is mainly based on onshore wind power. By the end of 2022, the proportion of onshore wind power in the cumulative installed capacity of wind power in China was about 91.64%. In 2022, the proportion of onshore wind power in the newly added installed capacity of wind power in China was about 86.58%.

Accumulated wind power installed capacity in China from 2012 to the end of 2022 (GW)

Data organization: CICC Enterprise Information International Consulting

New wind power installed capacity in China from 2012 to 2022 (GW)

Data organization: CICC Enterprise Information International Consulting

2. Development prospects of wind power industry

1) Power grid companies are accelerating their transition to clean energy, while power generation companies are increasing their investment in wind power.To achieve the goals of carbon peak and carbon neutrality, China's two major power grid companies, State Grid and Southern Power Grid, have both released relevant action plans, proposing to accelerate the transition to clean energy and successively disclosing their future plansThe goal is to increase the installed capacity of wind and solar power within 10 years. The five major power generation groups in China, including National Energy Group, State Power Investment Group, Huaneng Group, Datang Group, and Huadian Group, are the main players in wind power generation. At the end of 2020, the total installed capacity of wind power accounted for more than 50% of the total installed capacity of wind power in the country. During the expected period, the five major power generation groups will continue to increase their investment in wind power.

2) The cost of wind power generation continues to decrease, and the foundation for grid parity has been established.Wind power has a high cost in the early stages of development and relies heavily on national subsidy policies. With the continuous advancement of wind power related technologies and the emergence of economies of scale brought about by the rapid growth of wind power installed capacity, the gradual accumulation of wind power operation experience, and the improvement of the investment environment for wind power project construction, the prices of wind power equipment, wind farm investment, and operation and maintenance costs continue to decrease, and the cost of wind power has significantly decreased compared to the early stage of industry development. Currently, the foundation for grid parity of wind power has been established.

3) The subsidy reduction does not affect the medium and long-term development trend of the wind power industry.Subsidies are one of the effective means for the government to stimulate the development of the wind power industry. Utilizing the power of government finance to make up for the weak profitability in the early stages of industry development can promote rapid industry growth. Subsidies have played an important role in the development of China's wind power industry over the past decade, driving a significant increase in the country's installed wind power capacity. With the advancement of technology and the expansion of development scale, the cost of wind power generation has rapidly decreased, and the government has gradually lowered the corresponding benchmark electricity price for wind power grid connection, promoting the wind power industry to gradually move towards a market-oriented and healthy development path.

Source: Sohu

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