储能行业近况交流 20250907 摘要 独立储能项目建设加速，65GWh 进入实质阶段，预计年底并网。内蒙 古收益率领先，4 小时储能电站 EPC 造价约 0.8 元/Wh，容量补偿 0.35 元/度电，现货套利价差超 0.3 元，内部收益率达 13%-18%。 多省份出台容量补偿政策，如河北、山东、广东等，补偿方式和金额各 异，但全国层面已形成规模，为独立储能项目提供支持。内蒙古已发放 超 2 亿元容量补偿，并优选新增投资业主。 江苏省独立储能电站建设放缓，因原有收益模式依赖调峰，但电力现货 市场长周期试运行将取消该模式，市场观望。反映非现货市场省份普遍 情况。 预计 2025 年国内新增储能装机 130GWh，截至 8 月已达 75GWh。内 蒙古和新疆合计贡献约 40GWh，甘肃也有机会完成部分项目，云南锂 电储能市场趋于饱和。 储能发展受益于容量补偿政策和电力现货市场极端价差。山东 2022 年 开始容量补偿，多省跟进。储能电站全年满充满放 300 次，价差 0.3 元 即可回本，满足央企投资要求。 Q&A 国内储能行业近期的发展情况如何？ 电池系统价格近期上涨，主流品牌电芯报价从 2 毛 4 升至 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **energy storage industry** in China, focusing on the rapid growth of new energy storage installations, particularly lithium battery storage, which has become the mainstream technology route. [1][2] Core Insights and Arguments - **Installation Growth**: In July 2025, approximately **12 GWh** of new installations were added, with expectations for similar monthly additions from August to November. The total new installations for lithium battery storage are projected to exceed **130 GWh** for the year. [1][4] - **Market Dynamics**: The energy storage market is experiencing a diversification of profit models, with over **7 provinces** implementing capacity compensation policies. In Inner Mongolia, independent storage projects can achieve internal rates of return (IRR) exceeding **12%** due to these policies. [1][5] - **Technological Standards**: The release of the national standard draft for grid-connected energy storage has raised technical requirements, benefiting leading companies like **NARI, Sungrow, and Huawei**. [1][6] - **Market Concentration**: Major system integrators, including **Sungrow, BYD, and Envision**, hold over **60%** of the market share, indicating increased concentration and a recovery in system prices due to rising upstream cell prices. [1][8][9] - **Cell Price Trends**: Cell prices have increased by approximately **15%** compared to the low point at the end of 2024, with second-tier companies' prices rising to **0.28-0.29 CNY/Wh** and leading companies maintaining prices above **0.32 CNY/Wh**. [3][10][11] Additional Important Insights - **Urgent Demand**: Projects in **Hebei and Inner Mongolia** are under pressure to connect to the grid by the end of the year to qualify for capacity compensation, indicating a strong demand for energy storage solutions. [3][12] - **Future Projections**: The expected new installation capacity for 2026 is projected to increase by **15-20%** from 2025, reaching **150-160 GWh**, supported by large-scale projects in Inner Mongolia and Xinjiang. [3][13] - **Profitability Concerns**: While policies are driving energy storage development, there are concerns about long-term profitability due to potential changes in compensation policies. [3][20][44] - **Regional Variations**: Different provinces exhibit varying performance in the energy storage market, with Inner Mongolia and Xinjiang showing particularly strong project initiation due to favorable capacity price subsidies. [31][35] - **Investment Sentiment**: Investors are wary of policy changes affecting project returns, with private enterprises often seeking short-term profits while state-owned enterprises focus on long-term strategies. [44] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the energy storage industry in China.