On August 12, the China Electric Power Construction Enterprise Association released the China Clean Energy Construction Prosperity Index (CEPI) and the China Electric Power Construction Development Index (PCDI) for the second quarter of 2024.
According to the Smart Finance app, on August 12, the China Electric Power Construction Enterprise Association released the China Clean Energy Construction Prosperity Index (CEPI) and the China Electric Power Construction Development Index (PCDI) for the second quarter of 2024. The CEPI for the second quarter of 2024 was 110.23, a YoY decrease of 0.51 points and a QoQ decrease of 2.98 points. CEPI still remained in the relatively prosperous range.
The newly installed capacity of clean energy in the second quarter of 2024 was 71.45 million kilowatts, accounting for 85.74% of the country's newly installed power generation capacity, a YoY increase of 19.08%. The growth rate of newly installed clean energy power generation capacity in the second quarter was slower than that of the first quarter. At the same time, the clean energy investment completion amount in the second quarter of 2024 was 173.3 billion yuan, a YoY decrease of 1.59%, which affected the decrease of the CEPI index in the second quarter of 2024.
Due to the rapid growth of clean energy investment in 2023, as of the end of June this year, the scale of clean energy under construction had reached 649.56 million kilowatts, a YoY increase of 37.03%; The investment completion amount in the power grid in the second quarter of 2024 was 174.4 billion yuan, a YoY increase of 27.99%. The construction of power grid investment has shown a rapid growth trend in the first half of this year.
In the second quarter of 2024, the total clean energy power generation was 795.7 billion kilowatt-hours, a YoY increase of 23.14%, accounting for about 36.2% of the national power generation, which is equivalent to a reduction of 0.656 billion tons of carbon dioxide emissions. Among them, the solar energy power generation reached 136.1 billion kilowatt-hours, a YoY increase of 165%. The proportion and role of clean energy in China's energy structure are increasing day by day.
According to the power sources, the newly installed capacity of hydropower in the second quarter of 2024 was 3.18 million kilowatts, a YoY increase of 20%, and the investment completion amount of hydropower was 18.1 billion yuan, a YoY decrease of 19.19%; The newly installed capacity of wind power was 10.34 million kilowatts, a YoY decrease of 17.87%, and the investment completion amount of wind power was 50.2 billion yuan, a YoY decrease of 1.95%; The newly installed capacity of solar power was 56.74 million kilowatts, a YoY increase of 26.76%, and the investment completion amount of solar power was 84.3 billion yuan, a YoY increase of 1.93%.
According to the CEPI warning trend chart, the growth rate of newly installed clean energy power generation capacity slowed down in the second quarter of 2024, and the warning index operated in the green zone from the yellow zone in this quarter.
The China Electric Power Construction Development Index (PCDI) for the second quarter of 2024 was 90.12, a YoY decrease of 2.15 points and a QoQ increase of 3.62 points. The three sub-indices that make up PCDI, namely macroeconomic impact, green development and industry scale, all experienced increases compared to the previous quarter, which led to the increase of PCDI.
The sub-index of macroeconomic impact was 86.5, a YoY decrease of 6.70 points and a QoQ increase of 2.51 points. The investment completion amount of electric power construction in the second quarter of 2024 was 385 billion yuan, a YoY increase of 11.89% and a QoQ increase of 80.67%. According to data released by the National Bureau of Statistics, China's GDP in the second quarter of 2024 reached 32053.7 billion yuan, a YoY increase of 4.7% and a QoQ increase of 0.7%; the contribution of electric power construction investment to macroeconomic growth decreased by 6.70 points YoY and increased by 2.51 points QoQ.
The national fixed-asset investment (excluding rural households) in the second quarter of 2024 was 14534.9 billion yuan, and the investment completion amount of electric power construction in the second quarter of 2024 was 385 billion yuan. The proportion of national electric power construction investment completion amount in fixed-asset investment (excluding rural households) increased by 0.12 percentage points YoY and 0.52 percentage points QoQ. Since 2024, the investment in power grid has been accelerating, continuously increasing investment and construction efforts in ultra-high voltage projects, network upgrading and transformation, etc., which will have a positive impact on addressing the demand for new energy consumption and absorption, improving the flexibility of the power system, and driving the development of the industry chain.
The sub-index of green development was 89.35, a YoY decrease of 2.47 points and a QoQ increase of 1.18 points. The newly added non-fossil energy power generation capacity in the second quarter of 2024 was 72.04 million kilowatts, a YoY increase of 12.58% and a QoQ increase of 12.98%, accounting for 86.45% of the country's newly installed power generation capacity.
The newly installed capacity of hydropower in the second quarter of 2024 was 3.18 million kilowatts, a YoY increase of 20% and a QoQ increase of 75.69%; the newly installed capacity of wind power was 10.34 million kilowatts, a YoY decrease of 17.87% and a QoQ decrease of 33.29%; The newly installed capacity of solar power was 56.74 million kilowatts, a YoY increase of 26.76%, and a QoQ increase of 24.05%. The newly installed capacity of hydropower and solar power generation still maintained a growth trend YoY and QoQ.
The sub-index of industry scale was 92.20, a YoY increase of 0.04 points and a QoQ increase of 5.70 points. In the second quarter of 2024, there were 112,092 MW of new projects in the power generation side, a YoY increase of 69.25%. The newly installed capacity and investment completion amount increased by 1.67% and 1.02%, respectively. The newly started project scale and investment completion amount of the power grid side increased by 43.45% and 27.99% YoY, respectively, and the newly added transmission line decreased by 29% YoY.
The sub-index of economic benefits was 86.55, a YoY decrease of 4.86 points and a QoQ decrease of 0.23 points. According to statistics from the association, the operating income of the electric power construction industry in the second quarter of 2024 reached 194.2 billion yuan, and the total newly signed contracts were about 353.7 billion yuan, with YoY decreases of 7.9% and 13.7%, respectively.