This is, however, below the 62GW in 2025 and 120GW in 2030 target of the National Energy Administration (NEA), as announced in September 2021.
“This view is underpinned by the limited facilities in construction to reach the market's goals,” the report read in part.
In 2020, Mainland China’s pumped storage capacity reached 30.3GW by the end of 2020, falling short of its 40GW target, provided under the 13th five-year plan.
The market increased its capacity yo 36.4GW as of end-2021, making it the top-performing market in Asia.
“Over the coming years, we expect Mainland China’s hydro-electric pumped storage capacity to expand rapidly,” Fitch noted.
This will be driven by developments such as the State Grid Corporation of China’s commissioning of the 3.6GW Fengning Pumped Storage Power Station in Hebei province.
In addition, Mainland China’s project pipeline for the sector also include the Yuanqu, Tiantai, and Zhejiang Jinyun Pumped Storage Power Stations, with capacities of 1.2GW, 1.7GW, and 1.8GW, respectively.