Zhi Tong Cai Jing·2025-10-29 02:18Core Viewpoint - Gansu Province is projected to have a power generation capacity exceeding 90 million kilowatts by the end of 2024, with renewable energy accounting for over 60% of this capacity [1][2]. Gansu's Power Status - Gansu is a typical power-exporting province, with the current power export ratio reaching 28.0% [2]. - The province has a significant scale of new energy storage installations, ranking fifth nationally, and has begun to implement market-oriented operations in the electricity spot market and ancillary services [2]. Energy Storage Cost and Revenue - The levelized cost of storage (LCOS) for lithium battery storage in Gansu is calculated to be 0.29 yuan per kilowatt-hour, based on an average of daily charge and discharge cycles [3]. - Revenue from energy storage is derived from multiple sources, including spot market price differences, ancillary services, and capacity pricing [4]. - Spot market price difference is expected to expand rapidly, reaching 0.27 yuan per kilowatt-hour by 2025 [4]. - The average annual frequency regulation income for a typical 100MW storage station is estimated at 1.7 million yuan, with total ancillary service revenue projected at 120 million yuan in 2024 [4]. - Capacity pricing is set at 38.5 yuan per kilowatt-hour per year, with a competitive mechanism introduced to enhance efficiency [4]. Investment Outlook - Gansu's energy storage sector is expected to see a significant increase in demand, with projections indicating a 60% growth rate, reaching 12GWh by 2026 [5]. - The internal rate of return (IRR) for capital in Gansu's energy storage projects is estimated at 9.9% [5]. - The province's energy storage stations are anticipated to yield improved profitability, benefiting the entire energy storage industry chain [6]. - Recommended leading companies in the energy storage battery and materials sector include CATL, EVE Energy, Hunan YN, and Fulin Precision [6]. - Companies with operational advantages in energy storage are expected to achieve higher returns and market share, with recommendations for Haibo Sichuang, State Grid Technology, Sungrow Power, and Canadian Solar [6]. - The ability to trade electricity is becoming a core technical barrier for energy storage station operations, with a recommendation for Guoneng Rixin [7].