Energy Storage Industry, Prospects For 3 Trillion Yuan
Energy Storage Industry, Prospects For 3 Trillion Yuan
With the deepening of the "dual carbon" target, the scale of China's energy storage industry has grown rapidly, and a new energy storage industry system with complete categories and supporting facilities has gradually been established. The output value of new energy storage will exceed 300 billion yuan in 2023.According to Su Bo, Deputy Director of the Economic Committee of the 13th National Committee of the Chinese People's Political Consultative Conference and Director of the National Intelligent Manufacturing Expert Committee, by 2030, the cumulative installed capacity of new energy storage will reach 220GW, and the total industry output value will exceed 3 trillion yuan.
Standing at a new starting point, how do you view the prospects of energy storage market applications? On the afternoon of November 7th, experts, scholars, and industry representatives gathered at the 2024 World Energy Storage Conference to discuss this important topic.
Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, said，The country has frequently issued policies to promote the transformation of scientific and technological achievements, integrated development, and standardized industry management, accelerating the high-quality development of new energy storage. The market response has been enthusiastic, and the installed capacity of new energy generation has maintained rapid growth. The demand for regulating resources such as energy storage in the power system has also increased rapidly.
Qu Guochun believes that although energy storage technology is showing a trend of diversified development, the technological roadmap that combines safety, reliability, efficiency, economy, and meets the needs of different scenarios is still unclear, and the mature profit model of the energy storage market needs to be explored. To this end, it is necessary to strengthen top-level design, establish a collaborative working mechanism among government, industry, academia, research, application, and recycling, enhance technological innovation and core equipment research, improve the ability to guarantee the supply of advanced products, and deepen international exchanges and cooperation.
According to data from the National Energy Administration,As of the end of September this year, 58.52 million kilowatts/128 million kilowatt hours of new energy storage have been built and put into operation nationwide, an increase of about 86% compared to the end of 2023; According to statistics from power grid companies, during the peak summer season from June to August this year, the cumulative charging and discharging capacity of new energy storage in China was 11.8 billion kilowatt hours, accounting for about 45% of the charging and discharging capacity from January to August this year. New energy storage has become an important component of the stable operation of the power system.
In addition, new technologies such as gravity energy storage, liquid air energy storage, and carbon dioxide energy storage have been implemented successively; Many regions across the country are either promoting the transformation of new energy allocation and storage to shared energy storage, or introducing support policies for leasing new energy allocation and storage capacity, or promoting the participation of new energy storage in the spot market to expand the revenue channels of new energy storage. In the view of Liu Qing, the chief expert of the Electric Power Planning and Design Institute, these positive news are like injecting a "shot in the arm" into the energy storage market.
However, Liu Qing also pointed out that there are significant differences in the utilization of new energy storage in various regions, and mechanisms such as scheduling and pricing need to be improved. The support capacity of the power grid still needs to be enhanced, and the risk of safe operation cannot be ignored.
In response to the aforementioned issues, Liu Qing suggests strengthening the unified planning of new energy storage, promoting efficient and rational scheduling and utilization of energy storage, establishing an electricity pricing mechanism that adapts to the development of new energy storage, promoting the research and application of grid based energy storage, and taking multiple measures to improve the safety of power stations through promoting breakthroughs in battery technology and enhancing monitoring and warning methods.
In recent years, the energy storage industry has increasingly become a darling of the capital market.According to Liu Yong, Secretary General of the Energy Storage Application Branch of the China Physics and Power Industry Association, from the perspective of corporate financing, the fields of system integration, hydrogen energy storage, and new battery technology are highly favored by capital; In terms of investment, the grid side layout, including independent and shared energy storage stations, is in a leading position.
Liu Yong, Secretary General of the Energy Storage Application Branch of the China Physics and Power Industry Association
How to optimize the investment and financing system of energy storage projects? Liu Yong proposed that the inertia compensation mechanism and long-term power purchase agreement model should be used to provide a long-term stable source of revenue for energy storage projects and help promote the sustainable development of the industry.
On November 6th, the Ministry of Industry and Information Technology issued the "Public Solicitation of Opinions on the Action Plan for High Quality Development of New Energy Storage Manufacturing Industry (Draft for Comments)", aiming to build a new generation of growth engines such as information technology and new energy, and deepen the structural reform of the supply side of new energy storage. Liu Yong believes that this action plan is timely and will combine effective markets with proactive governments to eliminate low-end overcapacity and promote the high-end, intelligent, and green development of the energy storage industry. At present, China has a high voice in battery body technology, especially in the large-scale application of lithium iron phosphate battery technology. However, efforts are still needed in the construction of digital systems such as artificial intelligence intervention in power grid scheduling and enhancing grid coordination. Once more innovative achievements emerge, it will be an opportunity for future investment.
From the perspective of investors, Liu Yong suggests adhering to long-term layout and diversified investment concepts, balancing investments on the power supply side, power grid side, and user side, diversifying investment risks, and improving project returns; He also called on venture capital, industrial funds, green credit and medium - and long-term treasury bond to open windows for energy storage and release more liquidity for R&D investment; Corresponding insurance mechanisms should also be established to provide safe and reliable protection for the entire lifecycle construction of energy storage power stations, allowing investors to feel more at ease.
