China's Wind and Solar Capacity Exceeds Thermal Power for First Time

China's combined installed capacity of wind and solar power reached 47.3% of the total, surpassing traditional thermal power for the first time. As of the end of 2025, the country's total installed power generation capacity stood at 3.9 billion kilowatts, an increase of 16.2% year on year, with wind and solar combined reaching 1.84 billion kilowatts. Newly added capacity for the year was 550 million kilowatts, of which wind and solar accounted for nearly 80%, making them the absolute mainstay of new installations.

Grid infrastructure continued to be strengthened, with steady expansion of lines and transformer capacity at 220 kV and above, and accelerated construction of DC transmission corridors, providing support for the transmission and consumption of large-scale renewable energy. In terms of investment, major power enterprises in China completed investment of 1.7323 trillion yuan in 2025; grid project investment reached 639.5 billion yuan, up 5.1% year on year, while DC grid investment grew by 25.7%.

Power source investment accelerated the adjustment of its internal structure, with thermal and nuclear power investment posting positive growth, while wind, solar, and hydro power investment saw a reasonable decline. Leveraging the comprehensive advantages of the entire industrial chain, new energy has become the main force in outbound investment, with overseas engineering contracting, power equipment, and technical service exports growing simultaneously, covering 68 countries and regions.