On April 28, the National Energy Administration held a press conference to release the energy situation in Q1 and the grid connection and operation status of renewable energy in Q1. Mr. Xing Yiteng, Deputy Director of the Development and Planning Department, introduced the national energy situation in Q1.
Since the beginning of this year, the energy sector has thoroughly implemented the spirit of the Central Economic Work Conference and the decisions and arrangements of the CPC Central Committee and the State Council, driving continuous improvement in China's energy supply system, sustained enhancement of supply security capabilities, new progress in green and low-carbon transformation, and deepening and solidifying the high-quality development of energy. Overall, in Q1, the national energy supply was sufficient, consumption maintained growth, supply and demand were generally loose, prices stabilized with a slight decline, and energy production and electricity consumption growth showed positive signals, mainly characterized by the following four aspects:
1. Energy production grew steadily, with faster growth in coal, oil, gas, and electricity production in March. In Q1, the output of raw coal from industrial enterprises above designated size was 1.2 billion mt, up 8.1% YoY. In March, the output of raw coal from industrial enterprises above designated size increased by 9.6% YoY, with a daily average output exceeding 14 million mt. In Q1, the output of crude oil from industrial enterprises above designated size was 54.09 million mt, up 1.1% YoY. In March, the output of crude oil from industrial enterprises above designated size increased by 3.5% YoY. In Q1, the output of natural gas from industrial enterprises above designated size was 66 billion m³, up 4.3% YoY. In March, the output of natural gas from industrial enterprises above designated size increased by 5.0% YoY. In Q1, the cumulative installed power generation capacity nationwide reached 3.43 billion kW, up 14.6% YoY. In March, the growth rate of power generation from industrial enterprises above designated size increased by 3.1 percentage points compared to January-February.
2. The installed capacity of non-fossil energy power generation grew rapidly, and the energy consumption structure continued to optimize. As of the end of March, the installed capacity of wind and PV power nationwide increased by 17.2% and 43.4% YoY, respectively, with the combined installed capacity historically exceeding that of thermal power. The installed capacity of hydropower and nuclear power reached 438 million kW and 61 million kW, respectively, up 3.3% and 6.9% YoY. The proportion of non-fossil energy power generation installed capacity increased by 4.3 percentage points compared to the same period last year. Preliminary estimates show that the proportion of non-fossil energy consumption nationwide in Q1 increased by 1.5 percentage points compared to the same period last year.
3. Energy consumption generally maintained a growth trend, with a significant rebound in electricity consumption growth in March. In Q1, the total electricity consumption of the whole society was 2.38 trillion kWh, up 2.5% YoY. In March, the total electricity consumption of the whole society increased by 4.8% YoY. Natural gas consumption maintained growth, with gas consumption for power generation maintaining a relatively fast growth rate. Affected by factors such as a warm winter and a significant increase in new energy output, overall coal demand was weak. Gasoline and diesel consumption continued to decline, while kerosene consumption increased slightly YoY.
4. Energy prices stabilized with a slight decline, and investment maintained relatively fast growth. The spot price of steam coal continued to decline, and the long-term agreement price decreased slowly. As of March 31, the spot price of 5,500 kcal/kg steam coal at ports around the Bohai Sea was 676 yuan/mt, down 165 yuan/mt YoY. The average price of Brent crude oil futures was $74.7/barrel, down $7 YoY. In Q1, energy investment maintained relatively fast growth. In the first two months of this year, the investment completed in key national energy projects increased by 12.9% YoY, with rapid growth in investment in offshore wind power, new-type energy storage, power grids, nuclear power, etc.
Please note that this news is sourced from https://guangfu.bjx.com.cn/news/20250428/1439166.shtml and translated by SMM.
