鑫椤储能·2026-01-09 01:44Core Insights - The article highlights the significant growth in the energy storage market in 2025, with a total bidding scale of 447.5 GWh, representing a year-on-year increase of 113.2% [1]. Bidding Market - The bidding market saw a total scale of 447.5 GWh, with non-collective bidding projects reaching 371.7 GWh (up 179.9%) and collective bidding projects at 75.8 GWh (down 1.7%) [1]. - The growth in bidding demand is driven by two key nodes: the 531 grid connection deadline and the 1231 grid connection deadline, with significant project launches concentrated around these dates [3][4]. - Policies have accelerated bidding demand, particularly in regions like Inner Mongolia, which introduced incentives for projects to start before the June deadline [6]. Winning Market - The total winning scale in 2025 was 382.6 GWh, with independent storage projects accounting for 65% of the market demand [10]. - The average internal rate of return (IRR) for projects across provinces is above 8%, with some regions like Gansu and Guangdong seeing IRR as high as 10-15% due to high frequency regulation demand [10]. - Major players in the winning market include CRRC Zhuzhou, Haibo Shichuang, and Ningde Times, with a concentration of market participation among system manufacturers and a few leading battery manufacturers [12][14]. Price Trends - The average price for 2-hour storage systems was stable at 0.5485 yuan/Wh, while the EPC price was 1.0268 yuan/Wh, reflecting a 12.6% decrease from the previous year [17]. - Battery cell prices experienced three rounds of increases in the second half of the year, driven by overseas orders and high domestic bidding demand, leading to a tight supply-demand balance [17].