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China’s newly stalled photovoltaic power generation capacity reached 78.42 GW in the first half of the year, surging by more than 150% from a year earlier, close to the full-year amount of 87.41 GW in 2022 and accounting for 56% of the country’s total installed power generation capacity during the period, according to the National Energy Administration.
As of the end of June, China’s total installed capacity of photovoltaic power generation stood at about 470 GW, making it the second-largest power source after coal-fired power, said the NEA.
The China Photovoltaic Industry Association has raised the forecast for China’s newly installed PV power capacity this year from 95 – 120 GW to 120-140 GW, rising by more than 60% from a year earlier to hit a new record high, and raised its forecast for global new PV installations in 2023 from 280 – 330 GW to 305 – 350 GW, rising by up to 50% from a year ago, said Wang Bohua, honorary chairman of association.
The strong performance was partly driven by price reduction in the supply chain. In particular, the price of silicon material has tumbled by about 80% from the high point last year and reached an average of 67,400 yuan per tonne this week, representing about one-fifth of the price above 300000 yuan per tonne in November last year, according to the China Nonferrous Metal Industry Association.