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2024年8月行业数据：风光新增装机达174GW，单月城乡居民生活用电增速23.7%
Great Wall Securities·2024-09-30 08:03

Investment Rating - The industry investment rating is "Outperform the Market" [3][52]. Core Viewpoints - The report highlights a significant increase in renewable energy installations, with a total of 174 GW added in August 2024, and a notable growth in urban and rural residential electricity consumption by 23.7% [2][4]. - The overall electricity generation from January to August 2024 reached 62,378.8 billion kWh, marking a year-on-year increase of 5.1% [10][26]. - The total installed capacity as of August 2024 was 312,764 MW, reflecting a year-on-year growth of 14.0% [31]. Summary by Sections 1. Electricity Generation - From January to August 2024, the total electricity generation was 62,378.8 billion kWh, up 5.1% year-on-year. Hydropower generation increased by 21.7%, while solar power saw a growth of 26.6% [10][17]. - In August 2024 alone, the total generation was 9,074.2 billion kWh, with hydropower at 1,634.7 billion kWh (10.7% increase) and solar power at 386.12 billion kWh (21.7% increase) [17]. 2. Electricity Consumption - Total electricity consumption from January to August 2024 was 65,619 billion kWh, a 7.9% increase year-on-year. The residential sector saw a 10.9% increase in consumption [26][28]. - In August 2024, the monthly consumption was 9,649 billion kWh, with residential consumption growing by 23.7% [28]. 3. Installed Capacity - As of August 2024, the cumulative installed capacity was 312,764 MW, with solar power leading the growth at 48.8% year-on-year [31]. - The new installed capacity from January to August 2024 was 20,995 MW, with solar power contributing 13,999 MW, representing a 66.67% share of new installations [31][33]. 4. Utilization Hours - The average utilization hours for power generation equipment from January to August 2024 was 2,328 hours, a decrease of 103 hours year-on-year. Hydropower utilization increased by 376 hours to 2,360 hours [34][36]. 5. Investment in Power and Grid - Power construction investment from January to August 2024 reached 497.6 billion yuan, a 5.1% increase year-on-year, while grid investment was 333 billion yuan, up 23.1% [44][46]. - Investment in solar power construction was 190.69 billion yuan, showing a slight decline of 0.32% [46].