Core Viewpoint - The recent policy changes by the National Development and Reform Commission and the National Energy Administration regarding the market-oriented reform of renewable energy grid prices will significantly impact the profitability of energy storage projects, leading to a decline in rental income and affecting new installations in the second half of the year [1]. Group 1: Project Bidding Analysis - In February, there were 43 energy storage bidding segments, with a total of 3.3GW/40.52GWh of energy storage projects awarded in China. This includes 22 energy storage system projects totaling 1.25GW/34.48GWh and 21 EPC projects totaling 2.054GW/6.05GWh [2]. - The largest awarded energy storage system project is the centralized procurement project by China Nuclear Huineng and Xinhua Power Generation for 2025-2026, with a total awarded capacity of 10GWh. The largest EPC project awarded is the first batch of energy storage projects by Xinjiang Lide New Energy Co., Ltd., with a total awarded capacity of 2000MWh [4]. Group 2: Pricing Analysis - In February, the price range for 2-hour energy storage systems was between 0.479-0.696 yuan/Wh, with an average winning bid price of 0.597 yuan/Wh. For 4-hour energy storage systems, the price range was 0.426-0.579 yuan/Wh, with an average winning bid price of 0.479 yuan/Wh [5]. - The price range for 2-hour EPC projects was between 0.665-1.37 yuan/Wh, with an average winning bid price of 1.092 yuan/Wh. For 4-hour EPC projects, the price range was 0.642-1.899 yuan/Wh, with an average winning bid price of 1.107 yuan/Wh [5]. Group 3: Market Trends - Currently, the prices of energy storage cells are stabilizing, and although there is a downward trend in energy storage system prices, the fluctuations are relatively small [7].