独立储能投资大热之下：已有项目出现亏损

Core Viewpoint - The article discusses the current state and challenges of the independent energy storage sector in China, highlighting the cautious optimism among investors despite the rapid growth in project approvals and the evolving regulatory landscape [3][4]. Group 1: Independent Energy Storage Characteristics - Independent energy storage differs from renewable energy paired storage projects by having an independent entity status, allowing direct agreements with power dispatch agencies and flexible grid connections [5]. - The issuance of the "136 Document" by the National Development and Reform Commission and the National Energy Administration marks a significant shift, ending the mandatory pairing of storage with new energy projects and transitioning to a market-driven model [5][6]. Group 2: Investment Trends and Project Approvals - The number of approved independent storage projects in Guangdong surged to 178 in 2025, a 3.8-fold increase from 2024, reflecting a trend of "land grabbing" in the energy storage sector [6]. - The internal rate of return (IRR) for independent storage projects in Inner Mongolia is projected to exceed 10%, driven by supportive policies [6]. Group 3: Market Dynamics and Challenges - Despite the growth, many projects face funding challenges due to uncertain profitability, leading to some being halted [3][8]. - The profitability of independent storage projects is now based on a diversified revenue model, including capacity leasing, capacity compensation, ancillary services, and energy trading, but the effectiveness of these models varies by region [9][10]. Group 4: Regional Variations and Risks - In regions like Guangdong, the demand for independent storage is limited, primarily focused on frequency regulation, with some projects experiencing operational losses [10][11]. - The cancellation of mandatory capacity leasing has significantly reduced expected revenues for independent storage projects, leading to a cautious investment climate as many provinces have yet to release detailed implementation rules [10][11].