China is further ramping up its already high spending on renewable power just as extreme weather events are demonstrating just how vulnerable the nation’s power infrastructure is. That adds up to further investment in one thing in particular: China’s immense but unwieldy electricity grid.
China’s investment in grid projects in the first seven months of 2022 amounted to $32 billion, a 10% year on year increase. The full-year figure will likely also rise around 10%, Goldman Sachs estimates. State Grid, the bigger of China’s two state-owned electric grid companies, said last month that it expects to invest a record $76 billion this year.