Although the economy suffered a slump in the first few months of last year, electricity consumption rose by almost 300 TWh over the year 2020 as a whole. The shares of renewable energies in electricity generation increased. Especially in the last quarter of 2020, more PV and wind capacity was added than is installed in Germany up to now.
The global spread of the Sars-CoV-2 pathogen has an impact on all global energy markets. With lower demand for energy due to social and economic constraints, commodity prices on the markets have collapsed dramatically.
During the first half of 2019, Chinese electricity consumption is up 5 percent reaching 3400 TWh. Renewables generated almost 900 TWh of the electricity consumption, thus raising their share to more than 26 percent. The transition of the subsidy scheme and the government’s push for grid-parity solar and renewable auctions instead of feed-in tariffs is however still ongoing.
While renewables were the largest source of new electricity generation on a global level, rising use of gas, oil and coal led to CO2-emissions being two percent higher in 2018 than in 2017. The disquieting truth about the global energy system: growing energy hunger outpaces renewable expansion. The increasing demand of 2.8 percent was primarily met by fossil fuels. This process puts climate goals to risk with the fastest growth of carbon emission in seven years.
Last year was again a good year in terms of PV expansion in China with now 175 GW. However, also total electricity consumption grew pronouncedly by 540 TWh offsetting gains in the renewable part of the generation mix, while generation from thermal fossil-fueled power plants increased as well. LNG to play a central role to cover China`s gas consumption in the future.