国泰海通｜电新：青海储能容量电价出台，114号文后全国首单

Core Viewpoint - Qinghai has initiated the first capacity price for energy storage following the implementation of Document No. 114, indicating a positive outlook for the economic viability of energy storage across the country as provincial regulations are expected to be established, leading to a significant increase in energy storage demand by 2026 [1][2]. Group 1: Policy and Economic Viability - Qinghai's capacity price mechanism was announced on February 25, 2026, by the Provincial Development and Reform Commission, establishing a compensation mechanism for generation-side capacity based on contributions, applicable to various power generation types [2][3]. - The capacity price calculation method includes a compensation standard of 165 RMB/(kW·year) for 2026, with a supply-demand coefficient of 1.04, resulting in an annual compensation price of approximately 153.77 RMB/(kW·year) for a 4-hour energy storage system [3]. Group 2: Market Demand and Growth - In January 2026, the newly installed energy storage capacity reached 3.8 GW/10.9 GWh, representing year-on-year increases of 62% and 106%, respectively, indicating strong demand for energy storage [4]. - The sales volume of energy storage batteries in January 2026 was 46.1 GWh, showing a year-on-year increase of 164%, reinforcing the expectation of robust energy storage demand as national capacity pricing mechanisms are implemented [4]. - The global energy storage market is projected to grow at a rate of 50% by 2026, driven by the anticipated establishment of nationwide capacity pricing [4].