National Grid(US:NGG) Zhong Guo Dian Li Bao·2025-07-25 02:49Core Viewpoint - The development of pumped storage hydropower in China is entering a new phase focused on high-quality exploration, emphasizing its role as a crucial component for the stability and safety of the new energy system [2][3]. Industry Development Status - The pumped storage capacity in China exceeds 60 million kilowatts, with significant ongoing construction, showcasing a trend of diversified investment and multiple application scenarios [3]. - Despite rapid growth in scale, the industry faces challenges in innovation, particularly in planning, equipment upgrades, and the application of new technologies [3]. Economic Viability of Projects - The new management measures for pumped storage project development aim to standardize the development order and eliminate extra burdens, gradually restoring investment value [4]. - The economic characteristics of pumped storage projects are complex due to their public good nature, where benefits are shared across various stakeholders, making precise benefit allocation challenging [4]. - Investment costs are influenced by factors such as contingency fees and interest during construction, which can exceed 20% of project estimates, necessitating a comprehensive evaluation of economic viability [4]. Relationship with New Energy Storage Technologies - New energy storage technologies have seen rapid development, surpassing pumped storage in installed capacity, but they do not hinder the growth and innovation of the pumped storage sector [6]. - Both technologies should develop synchronously, considering their unique characteristics and application scenarios, to avoid resource misallocation [7]. New Generation Pumped Storage Research - The new generation of pumped storage technology aims to overcome industry shortcomings and achieve safe, economical, reliable, and efficient development [8]. - This new technology focuses on expanding regulation types, enhancing quality, and optimizing costs, with an emphasis on innovation across various operational aspects [9]. Future Development Initiatives - The company plans to deepen research in critical areas such as design, equipment manufacturing, and operational control, promoting collaborative innovation across the industry [9]. - There is a commitment to demand-oriented development, tailoring power station functions to meet specific system needs and enhancing adaptability [9]. - Efforts will be made to improve policies that attract resources and investment, fostering a conducive environment for the growth of pumped storage projects [9].