China on track to exceed 2030 pumped storage hydro target by 8%, industry body says
SINGAPORE, June 25 (Reuters) - China is set to exceed its 2030 pumped storage hydropower target by more than 8% and potentially reach 130 gigawatts (GW) by the end of the decade, the International Hydropower Association (IHA) said on Wednesday.
The world's second-largest economy added 7.75 GW of pumped hydro in 2024, bringing its total installed pumped hydro capacity to 58.69 GW, the IHA said in a statement. More than 200 GW of such projects are under construction, it added, accounting for a third of all such projects under development globally.
China has called for even more investment in the development of energy storage, which is critical to help balance supply and demand when wind and solar farms produce too much or too little renewable electricity for the grid's distribution system to be able to handle.
The country broke its own records for new wind and solar power installations again last year, hitting its 2030 target for those six years ahead of schedule.
The government's disincentivisation of electricity use during peak demand times by raising prices has given storage providers including pumped hydro operators more chance to profit by selling stored power when they can charge more.
Global hydropower capacity grew by 24.6 GW in 2024, including 16.2 GW of conventional hydropower and 8.4 GW of pumped hydro, the IHA said, adding that 475 GW of conventional projects are in various stages of development.
"This year's world hydropower outlook shows that global new capacity is accelerating after several years of stagnation," IHA said in the statement.
Despite the momentum, hydropower projects in the East Asia and Pacific region outside China face financing constraints, high upfront costs and long payback periods, limiting private sector involvement, the IHA said.
"Regulatory and permitting delays are also hampering progress in countries such as Australia, Indonesia and Vietnam, where complex approval processes, land rights issues and environmental assessments create uncertainty," the IHA added.
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