AI Data Insight
The MoM growth rate of China's urban and rural residential electricity consumption turned negative to -2.69% in August, a significant pullback from the massive 54.68% surge in the previous month. The primary reason was the increase in typhoons and heavy rainfall in August, with lower temperatures leading to a sharp decline in electricity consumption for air conditioning. However, driven by AI computing power and new energy vehicles (NEVs), electricity demand from internet data services and charging/battery swapping service industries remained robust, supporting the YoY growth of the total electricity consumption of the whole society.