行家说储能 从136号文正式落地到以江苏为代表的多地分时电价密集调整，电力市场化改革进入深水区，电价波动增加工商业储能的不确定性，工商业储能迎来最难的一年？ 上半年工商业储能的投资热情处于低点，下半年行情是否会迎来反转？从激烈淘汰赛到关键排位赛，最终谁能留在牌桌？ 此前，在6月10日行家说储能联合光亚法兰克褔主办的"2025全球用户侧储能产业价值峰会暨应用示范展"互动研讨环节，精控能源、华友能源、厦门国贸、汇能科 技等工商业储能设备企业、融资租赁、运营方代表等畅所欲言，共探"新政驱动下的工商业储能创新路径"。 行家说储能 中国农村能源行业协会、分布式电源及储能专委会 秘书长 孙韵琳博士 主持 国贸创程融资租赁 新能源事业二部总经理 李德勇 精控能源营销总监 穆建春 华友能源销售总监 张柳阳 "136号文"落地、多省份密集调整电价 对储能产业会带来哪些变革？ 李德勇 产业价值回归是必然 国贸创程融资租赁 新能源事业二部总经 理 李德勇 从资金方角度而言，这是产业价值的回归。单纯从产业来看资金方，有个比方叫"扭曲的力量"，即资方涌入任何一个行业会加速产业的竞争，现在新政出台，大 家会觉得，受新政影响整体收益在下降 ...

Core Viewpoint - The article discusses the impact of recent policy changes, particularly the "Document No. 136," on the commercial energy storage industry in China, highlighting the challenges and potential shifts in investment strategies as the market matures [1][6][10]. Policy Changes and Market Dynamics - The implementation of "Document No. 136" and the adjustment of time-of-use electricity pricing in various provinces signal a shift towards market-oriented pricing in the energy storage sector [1][6]. - The new policies are expected to drive the industry towards rational development, moving away from the previous phase of rapid, unregulated growth [6][11]. Investment Trends and Challenges - Investment enthusiasm in commercial energy storage has declined in the first half of the year, raising questions about a potential market reversal in the latter half [1][9]. - The industry is experiencing a "survival of the fittest" scenario, where companies must establish competitive advantages to avoid being eroded by intense competition [6][9]. Long-term Perspectives - Industry experts emphasize the importance of focusing on long-term value rather than short-term gains, suggesting that companies should develop comprehensive energy solutions that include solar, storage, and energy efficiency [6][10]. - The need for innovation and differentiation in project sourcing and revenue generation is critical as the market faces increasing homogenization and price competition [9][11]. Operational Strategies - Companies are urged to enhance their operational capabilities and develop lifecycle management systems to ensure stable long-term returns [7][13]. - The shift towards operational excellence is seen as essential for survival, with a focus on efficient management of energy storage assets from the outset [13][14]. Financial Metrics and Adjustments - The return on equity (ROE) for energy storage projects has significantly decreased from around 50% to approximately 12% due to new regulations, prompting a reevaluation of investment strategies [15][16]. - Despite the decline in immediate returns, there is potential for recovery in project profitability as the market stabilizes and companies adapt to the new regulatory environment [15][16]. Future Outlook - The consensus among industry leaders is that while 2025 may present significant challenges, it could also mark a turning point towards a more mature and stable market [11][16]. - The expectation is that innovative and resilient companies will emerge stronger from this transitional phase, leading to the development of more specialized applications and rational investment trends [11][16].