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Robust Pumped Storage Growth To Reinforce Mainland China’s Renewables Growth
Key View
- We have recently revised up our hydro-electric pumped storage generation and capacity forecasts for Mainland China, following positive developments in the sector.
- Our forecast for hydro-electric pumped storage capacity still remains below the government’s targets, as these developments in the sector will remain insufficient to meet it.
- Increasing storage capacity will work well in integrating China’s robust expansion of the renewables sector, as it will be able to address intermittency issues.
- Hydro-electric pumped storage will remain the largest storage type in the market as developments of gravity and battery storage cannot match the magnitude of hydro-electric pumped storage.
We have recently revised up our hydro-electric pumped storage generation and capacity forecasts for Mainland China, following positive developments in the sector. Mainland China is the top-performing market in Asia for pumped storage, with a total of 36.4GW of capacity as of end-2021. Over the coming years, we expect Mainland China’s hydro-electric pumped storage capacity to expand rapidly. Notably, in December 2021, the State Grid Corporation of China (SGCC) commissioned the 3.6GW Fengning Pumped Storage Power Station in the Hebei province. The facility is made up of 12 reversible pump generating sets, each with a capacity of 300MW, with a total generation ability of about 6.6TWh. Additionally, there are other major projects in Mainland China’s pipeline for the sector, including the Yuanqu, Tiantai, and Zhejiang Jinyun Pumped Storage Power Stations, with capacities of 1.2GW, 1.7GW, and 1.8GW respectively. As the Fengning Pumped Storage Power Station came online before its expected 2023 completion date, we expect upside risks to the other facilities as well, with the possibility of it coming online earlier than its initial expected operational date.
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