Recently, State Grid Energy Research Institute released the "China New Energy Power Generation Analysis Report 2025", which shows that by the end of 2024, the cumulative installed capacity of new energy in China has reached 1.41 billion kilowatts, a year-on-year increase of 33.9%, accounting for 42% of the total installed capacity in the country, surpassing coal-fired power to become the largest power source in the system. The installed capacity of new energy power generation continues to maintain a high-speed growth momentum, and has completed the transition from an incremental entity to a stock entity. Specifically, by the end of 2024, the installed capacity of wind power was 520 million kilowatts, and the installed capacity of solar power was 890 million kilowatts, ranking first in the world for 15 and 10 consecutive years respectively, accounting for approximately 45.8% and 46.9% of the global total. The newly installed capacity of new energy power generation is 360 million kilowatts, which is 1.2 times that of 2023 and accounts for 83% of the total newly installed capacity of power sources in China. It has become the main body of newly installed power generation capacity. The new energy generation continues to grow rapidly, accounting for over 18% of the total power generation and becoming the main source of electricity increment. In 2024, China's new energy power generation will reach 1.84 trillion kilowatt hours, a year-on-year increase of 25%, contributing over 60% to the growth of power generation. While the installed capacity is growing rapidly, the utilization of new energy continues to maintain a high level, staying above 95% for seven consecutive years. This is due to the continuous improvement of China's power system and power market. To enhance the ability to optimize the allocation of new energy resources on a large scale, China continues to strengthen the construction of new energy grid connection and transmission projects. Ye Xiaoning, Deputy Director of the New Energy Research Institute of State Grid Energy Research Institute, introduced that power grid enterprises have put into operation a batch of provincial and cross provincial transmission projects, and have completed and put into operation multiple key provincial transmission projects to enhance the new energy consumption capacity. As of the end of 2024, China has built 42 ultra-high voltage transmission channels. The power grid is not only large in scale and wide in coverage, but also strong and reliable, injecting strong impetus into China's energy transformation and sustainable development. The balance and regulation capability of the power system continues to improve. In 2024, China will fully leverage its supportive regulatory resources, continue to promote deep peak shaving of thermal power, improve energy storage utilization, tap into the potential of demand side regulation, and effectively enhance the system's flexible regulation capability. Deepen the application of artificial intelligence technology in new energy power prediction, extreme weather identification and warning, continuously optimize the primary frequency regulation and inertia response capabilities of new energy, and effectively enhance the active support capability of new energy. Give full play to the role of optimizing the allocation of resources in the power grid, implement cross provincial and cross regional transmission, peak shaving mutual assistance, and reserve sharing, promote the "multiple and full generation" of new energy, and effectively solve the difficulties of new energy consumption in local areas and concentrated periods. The construction of the electricity market is also adapting to changes in the electricity structure. Ye Xiaoning stated that China is accelerating the construction of a unified national electricity market, further improving the electricity market mechanism that adapts to the cross provincial consumption of new energy, strengthening the continuous operation of the market in the medium and long term, shortening the trading cycle, increasing trading frequency, enriching trading varieties, and achieving new breakthroughs in the participation of emerging entities such as electrochemical energy storage, demand side response, and virtual power plants in the market. The role of market mechanisms is fully utilized to serve the guarantee and transformation of electricity supply. In 2024, the market-oriented trading capacity of new energy reached 956.9 billion kilowatt hours, accounting for 52.3% of the total new energy generation. Among them, the market-oriented trading electricity of new energy in the State Grid operating zone reached 769.9 billion kilowatt hours, a year-on-year increase of 36.6%. At the same time, the trading scale of green electricity and green certificates has further expanded. In 2024, the country will introduce multiple policies related to the green electricity market, expand the application scenarios of green electricity certificates, and put forward requirements for orderly implementation of green certificate applications and encouragement of green electricity consumption. China completed 446 million green certificate transactions, a year-on-year increase of 364%. Among them, 277 million green certificates were traded separately, and 169 million green certificates were traded for green electricity. In the future, the scale of new energy development will continue to maintain a high-speed growth trend. The report proposes that considering factors such as accelerated energy transformation, full release of industry capacity, higher demands for local development, and intensified international trade barriers, the scale of new energy development will continue to maintain a high-speed growth trend, with an expected annual increase in installed capacity of 430 million kilowatts to 500 million kilowatts. During the 15th Five Year Plan period, new energy will continue to maintain a high-speed growth trend of an average of 300 million kilowatts per year. Preliminary estimates suggest that the installed capacity of new energy is expected to reach over 3 billion kilowatts by 2030, and the total amount of new energy will double from the existing scale. (New Society)