Fitch Ratings: Electrification process may continue to support electricity demand
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China's electricity demand growth rate exceeds the GDP growth rate during the same period, supported by the growth of industries such as electric vehicles and data centers, the electrification process will continue to support electricity demand. China is expected to increase the proportion of electricity in the energy structure to over 30% by 2025. However, the increasing curtailment rate may put pressure on the utilization hours of solar and wind power. Fitch Ratings estimates that by 2024, the weight of non-hydro renewable energy power consumption responsibility in each province will increase by 4 percentage points compared to 2023
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