Guangdong Focuses On Offshore Wind and Gas Power in 14FYP
- The proportion of non-fossil energy consumption is targeted to reach 32%, higher than the national target of 20%. Natural gas consumption is expected to grow 65% by 2025 compared with 2020. The increment mainly comes from industrial users' "coal-to-gas" switch, gas power, and LNG bunkering. Oil product demand will be "stable" due to the penetration of new energy vehicles.
- Target of newly installed gas power capacity is the largest in the 14FYP (2021-2025) by 36GW, which is 1.3 times the operational capacity at the end of 2020. The targets for new installed capacity of offshore wind power and solar power are 12 times and 2.5 times that of the end of 2020, respectively.
- The newly added gas, wind and solar power outputs will provide most of the estimated increase in Guangdong's total power consumption during 14FYP, while the increment volume of imported power from the west-to-east route is seen limited. As the energy structure shifts to a higher-cost power source structure, future power price curves are expected to move upward.
Electricity consumption is expected to increase by annual-averaged 4.9% in 2021-2025, driven by demand from electric vehicles, 5G, and data centers. Public EV charging piles is targeted at 250,000 by 2025, up by 66% compared with 2020. Guangzhou and Dongguan City target to build more than 47,000 public charging piles, accounting for nearly half of the province's planned increase.
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Written by the GL Consulting team (Mysteel's consultancy arm on energy transition): glconsulting@mysteel.com
Edited by Navy Liu: liuchuanjun@mysteel.com
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