In a press conference held in Beijing on Monday, China Huaneng Group, the world’s second-largest power utility by installed capacity, declared its commitment to increasing investments in new energy projects, particularly focusing on solar and offshore wind power. The move aligns with China’s broader objectives of transitioning to a greener and more sustainable energy landscape.
During the conference, Huaneng disclosed its plans to invest in 222 new energy projects across the nation this year as part of its dedicated efforts toward green and low-carbon transformation. The company highlighted its recent initiation and resumption of construction for new energy projects, boasting a combined capacity of nearly 34 million kilowatts.
Last year, Huaneng achieved a milestone by surpassing an accumulated installed capacity of over 72 million kilowatts in new energy projects. The new energy generation exceeded 100 billion kilowatt-hours for the first time. Notably, the proportion of low-carbon clean energy installed capacity within the company’s overall capacity witnessed a 5.4 percentage points year-on-year increase.
Li Lailong, the head of Huaneng’s planning and new energy business department, emphasized the company’s dedication to sustainable and clean energy development through heightened investments. Huaneng aims to further advance technology empowerment and innovation by intensifying efforts in research and development, particularly focusing on pioneering technologies pivotal to the evolution of the energy sector.
Huaneng’s active involvement in various new energy projects across China aligns with the nation’s overarching goals of achieving a greener and more sustainable energy landscape, according to Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University. The expansion in the new energy sector positions Huaneng as a key contributor to China’s green transition.
The company’s substantial investments underscore its efforts to diversify its energy portfolio, especially in regions such as the Shandong Peninsula and the Guangdong-Hong Kong-Macao Greater Bay Area. Lin Boqiang highlighted that Huaneng’s expansion in the renewable energy sector reflects China’s strategic focus on diversifying its energy sources and reducing dependence on traditional ones.
In 2023, China witnessed a surge in investments in the energy sector, with total investment in key energy projects reaching 2.8 trillion yuan. This surge is attributed to the government’s commitment to fortify the country’s energy infrastructure and embrace diverse energy formats, according to the National Energy Administration.
Huaneng’s 2024 agenda includes the largest scale of construction and production in offshore wind projects since 2021. These projects, situated in strategic locations like the Liaoning Bay, Shandong Peninsula, Yangtze River Delta region, and the Guangdong-Hong Kong-Macao Greater Bay Area, are poised to contribute significantly to the country’s renewable energy capacity.
Additionally, the company plans to accelerate the construction of hydropower projects in southwestern regions to address local supply-demand imbalances, optimize the power structure, and ensure stable power supply.
As part of its ambitious plans, Huaneng commenced the construction of a mega photovoltaic and energy storage project in Southwest China’s Xizang autonomous region on Monday. With an installed capacity of 250,000 kilowatts and featuring a 50 megawatts/200 megawatt-hours energy storage system, this project is slated to become the largest solar and energy storage venture in Xizang. Scheduled for grid connection in June, it is expected to make a substantial contribution to clean energy development, replacing standard coal and reducing carbon emissions annually.