MYSTEEL: China's hydropower output may disappoint later this year despite strong January-April growth

China's hydropower generation posted strong growth in the first four months of 2026, creating expectations of another solid year for the sector. However, a closer look at regional production patterns and rainfall distribution could flip the outlook if the southwest monsoon disappoints.

According to data from the National Bureau of Statistics (NBS), China's hydropower output reached 330.3 billion kilowatt-hours (kWh) in January-April, up 9.9% year on year and the highest level for the same period since at least 2023. In April alone, hydropower generation rose 12.2% on year, also exceeding the