Huan Qiu Wang·2025-08-12 02:03Core Viewpoint - Despite initial concerns regarding domestic energy storage demand following the cancellation of mandatory storage policies, actual installation volumes and tender data from June to July have exceeded expectations, indicating a new development opportunity in the domestic large-scale energy storage market driven by supportive local policies [1][4]. Policy Support and Economic Viability - Following the release of the "Document No. 136," provinces have actively introduced supportive policies, creating a three-dimensional driving system centered on capacity pricing, spot markets, and green electricity direct connection [3]. - The capacity pricing mechanism is expected to enhance the economic viability of energy storage projects, with a 100MW/200MWh storage station projected to generate an additional annual income of 11 million yuan and an internal rate of return (IRR) of 16.3% [3]. - The construction of the electricity spot market is accelerating, with a goal for nationwide coverage by the end of 2025, which is anticipated to expand the arbitrage opportunities for energy storage [3]. Market Trends and Project Development - From January to May 2025, new tender projects for energy storage reached 153.1 GWh, while the installed capacity was only 47.6 GWh, indicating a lag in project integration [4]. - The tender scale for energy storage in June and July showed a month-on-month increase, reaching 23.5 GWh and 25.8 GWh respectively, with independent storage projects dominating [4]. - The investment landscape is diversifying, with increased participation from social capital alongside traditional power generation groups, signaling the emergence of market-driven demand [4]. Long-term Outlook and Market Dynamics - The domestic large-scale energy storage market is transitioning from "scale expansion" to "high-quality development," favoring companies with technological strength and market operational capabilities [5]. - The dual support of policy guidance and market-driven mechanisms is expected to diversify revenue sources for energy storage projects, including capacity pricing, peak-valley arbitrage, and green certificate trading [4].