Compared with traditional energy, new energy has the advantages of renewable and pollution-free. With the enhancement of social environmental awareness and the increasing maturity of new energy power generation technology, the installed capacity of new energy power generation represented by wind power and photovoltaic power generation continues to increase, and the proportion of new energy power generation in the total power generation of the power system also shows an increasing trend year by year. According to the National Energy Administration data, by the end of the "14th Five-Year Plan" China's renewable energy generation capacity will account for more than 50% of the total installed power.

① Overview of wind power generation industry

In September 2020, the carbon neutrality goal was proposed in the 75th United Nations General Assembly, which pointed out the direction for China's wind power industry; In December, at the UN Climate Ambition Summit, it was announced that by 2030, China's carbon dioxide emissions per unit of GDP will be reduced by more than 65% compared with 2005, and the share of non-fossil energy in primary energy consumption will reach about 25%. The total installed capacity of wind power and solar power will reach more than 1.2 billion kilowatts. Low-carbon development has brought long-term development opportunities for the wind power industry.

As the most widely used and fastest growing new energy power generation technology, wind power has become an important part of new power supply in some countries. The market capacity of the domestic wind power industry has also continued to increase, and the proportion of wind power in the power supply structure has increased year by year, and has become an important part of China's new power installed capacity, and has become the third largest power supply after thermal power and hydropower in China. According to the statistics of the China Electricity Council, from 2013 to 2022, the compound annual growth rate of China's new wind power installed capacity and power generation capacity will be 10.87% and 18.97%, respectively.

Compared with onshore wind power, offshore wind power has the advantages of stable wind speed and wind direction, large single installed capacity, stable unit operation, non-occupation of land, suitable for large-scale development, etc. At the same time, offshore wind power is generally close to traditional power load centers, easy to absorb the grid, eliminating the problem of long-distance transmission, which has become a new trend of global power plant construction. According to the statistics of the National Energy Administration, from 2013 to 2022, the compound annual growth rate of China's new offshore wind power installed capacity and power generation capacity will be 64.04% and 59.76%, respectively, with broad prospects for development.

②Overview of photovoltaic power generation industry

With the support of the national policy to vigorously promote clean energy, photovoltaic power generation has achieved rapid growth for many years in China since 2013. According to the statistics of the China Electricity Council, in 2017, China's new installed capacity of photovoltaic power generation was 53.41GW, a record high. In 2018, affected by the photovoltaic "531 New Deal", new photovoltaic power generation projects around the country have declined, while continuing to affect 2019, and the new installed capacity of photovoltaic power generation by 2020 has achieved substantial growth compared with 2019.

2013-2022, China's new installed photovoltaic power generation and cumulative installed capacity of the compound annual growth rate of 42.81% and 24.20%. With the further reduction of photovoltaic power generation costs and the development of electricity market transactions, it is expected that during the "14th Five-Year Plan" period, China's photovoltaic installed capacity will continue to increase. In 2022, China's new installed capacity of photovoltaic power generation reached 87.41GW, and it is expected to exceed 100GW in 2023.