值得注意的是，中国燃气作为国内领先的跨区域综合能源服务商，已成为工商业用户侧储能领域备受投 资者关注的玩家。 依托技术积累与全产业链布局优势，中国燃气打造了"源-网-荷-储"多元化服务体系，实现从设备运营到 综合能源服务的升级，这让其在工商业储能细分领域展现出技术和运维优势。 今年初，国家发改委与国家能源局联合发布的《关于深化新能源上网电价市场化改革 促进新能源高质 量发展的通知》（以下简称"136号文"）提出，推动新能源上网电量参与市场交易、建立新能源可持续 发展价格结算机制，并明确不得将配置储能作为新建新能源项目核准、并网、上网等的前置条件。 这促使储能项目从单纯满足政策合规性，转向聚焦于为用户和电力系统创造实际收益，其中，峰谷套 利、现货交易价差、调频辅助服务等组成了多元化的收益组合。 储能技术加持，全生命周期服务满足用户需求 中国燃气在储能解决方案上的竞争力，最终体现在持续为企业能源管理创造价值。 "峰谷套利"是首要的收益来源。以湖南某电子厂项目为例，该厂配电容量为240MVA，储能装机容量为 10MW/20MWh，每日谷时8h充电，平时4h充电，峰时分两段时间放电3h+5h，年运行天数330天，从而 ...

以下文章来源于华夏能源网 ，作者www.hxny.com 华夏能源网 . 能源产业与财经信息服务平台 一纸文件，终结了 "行政化分时电价"之争。 华夏能源网（公众号 hxny3060）获悉，2025年12月17日 ，国家发改委、能源局发布《关于做 好 2026年电力中长期合同签约履约工作的通知》（发改运行〔2025〕1502号） 。通知表示， "原则上，直接参与市场交易的电力用户，不再执行政府制定的分时电价。" 导语：光伏等新能源投资商基于固定时段、固定价格的收益模式彻底失效了。 在 2025年"行政化分时电价"一直是业内争论的焦点，各省份轮番修改分时电价方案。而现在， 两部委一锤定音，"行政化分时电价"即将变为历史。 那么，这次政策巨变将给新能源行业带来哪些影响？各市场主体又该如何应时而变？ 一方面，分时电价政策帮助企业（尤其是可调节生产的企业）降低了用电成本。例如，山东一些 轮胎企业通过将生产更多调整到电价的低价低谷时段，年省电费可达数千万元。山东的分时电价 政策形成了一年超 30亿元的企业用电成本"减负礼包"。 另一方面，分时电价政策一定程度上促进了新能源消纳。在光伏发电旺盛的午间设置谷段或深谷 电价， ...

（来源：储能产业网） 2025年12月29日，广东电力现货市场迎来"好消息"：首批5家发电类虚拟电厂交易单元正式以"报量报 价"方式参与交易，覆盖深圳、佛山、中山等地，总容量约3300万千瓦。 这些由分布式光伏、用户侧储能、充电桩等资源聚合而成的"虚拟机组"，标志着广东全电压等级新能源 公平入市迈出关键一步——千万级分布式资源从电网"被动管理对象"转变为能主动响应价格信号的市场 主体。 根据南方电网广东电网公司数据显示，此次入市的新能源规模约占全省风电、光伏总装机容量的40%， 其中110千伏以下分布式新能源首次以发电类虚拟电厂身份亮相，通过聚合实现功率预测准确率92%、 偏差考核费用降低67%，单日收益较自发自用模式最高提升37%。 值得注意的是，储能产业的机遇，从来都不在固守峰谷套利的旧船票，而虚拟电厂这条赛道它虽然不是 储能的唯一出路，却是当下最现实的破局点，为行业打开了从"单一套利"到"多元创收"的想象空间。 一、峰谷套利的"确定性"正在消失 长期以来，工商业储能的增长依赖政府设定的固定峰谷电价差，这种"低充高放"的套利模式曾是项目落 地的核心动力。但近年来，这一模式的"确定性"正在被动摇。 从市场变 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The company is expected to benefit from domestic large-scale storage, overseas small-scale storage, and the demand for battery swapping in two-wheeled vehicles, leading to accelerated growth in shipment volumes [1]. - The company is positioned as the fourth largest in China's global household storage system shipments in 2024, with a competitive edge in vertical integration across the entire industry chain, global presence, and continuous R&D investment [7]. - The report highlights the significant growth potential in both domestic and international commercial storage products and lightweight power battery businesses, driven by global energy transformation and favorable policies in emerging markets [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 3,299 million CNY - 2024: 2,005 million CNY - 2025E: 2,722 million CNY - 2026E: 5,341 million CNY - 2027E: 9,036 million CNY - The expected year-on-year growth rates are: - 2023: -45.1% - 2024: -39.2% - 2025E: 35.8% - 2026E: 96.2% - 2027E: 69.2% [6]. - The projected net profit for the company is: - 2023: 516 million CNY - 2024: 41 million CNY - 2025E: 90 million CNY - 2026E: 334 million CNY - 2027E: 468 million CNY - The report anticipates a significant recovery in profitability, with net profit growth rates expected to be: - 2024: -92.0% - 2025E: 119.3% - 2026E: 270.9% - 2027E: 40.0% [6]. Industry and Company Situation - The company focuses on overseas household storage, domestic and international commercial storage, and lightweight power battery products, with future growth primarily driven by commercial storage and lightweight battery businesses [7]. - The report notes that the household storage industry is expected to recover due to global energy transformation and emerging market policy benefits, while commercial storage will benefit from global grid upgrades [7]. - The company has established a strong presence in approximately nine countries and regions, focusing on Southeast Asia, Africa, and the Middle East, effectively diversifying regional risks [7]. Key Assumptions - Domestic large-scale storage and commercial storage assumptions include shipment volumes of 1.5/2.0/9.0 GWh from 2025 to 2027, with a unit price of 0.4 CNY/Wh and expected gross margins of 9%/10%/10% [7]. - For overseas household storage and commercial storage, the assumptions are 1.5/4.0/5.0 GWh shipments with unit prices of 1.1/0.8/0.73 CNY/Wh and gross margins of 30%/29%/28% [7]. - Lightweight power battery assumptions include shipments of 1.0/3.5/4.8 GWh with a unit price of 0.4 CNY/Wh, with expected gross margins improving due to scale effects [7].

| 人人,无点,人人,超点酒店,人,想 | | | | | | × 朗 秉 | 程 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2015 0 2025 | | | | | lax K | 与您同行 | | | | 起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | | | | | | | 侧 储 能 及 | | FF | | | | 电 池 技 术 论 | | | | Ell | F | | | 40 75 | | | t 10 | | | 中国 · 深圳 2025.12.18 | | | | | | | | | | 专场冠名 C BERE | | | | | | | | | | XES 合影墙独家冠 | | | - 川曾理电 | | HONE | 矿泉水独家完 | 55 原能科技 | | | 帮助及演讲单位 2 透乐申请 | | omto | √ 開發能波 | NORDA | MSCAD天和 | SUPER | | 文 贤辰智享 | | DU asian 景德 | | 125 | EZE | (278) | GELLED 金力 ...

今天分享的是：自然资源保护协会：2025年分布式储能发展商业模式研究报告 报告共计：38页 分布式储能发展商业模式研究报告总结 在"双碳"目标推动下，分布式储能作为新型电力系统的关键环节，正快速发展。2019年至2025年前三季度，我国分布式储能累 计装机从570MW增长至3638MW，技术上以锂离子电池为主，占比92.77%，应用场景集中于工商业配储，占比68.70%，江苏、 广东、浙江等经济发达省份因峰谷价差大领跑装机规模。 国外方面，美国加州、德国、澳大利亚等国以户用储能为主，通过强有力的财税补贴、高居民电价及虚拟电厂参与电力市场推 动发展。美国有投资税收抵免和地方补贴，德国免除增值税并提供光储充补贴，澳大利亚给予税收减免，这些政策大幅降低了 初始投资，其户用储能收益稳定，可通过多种渠道获利。 国内分布式储能探索了工商业配储、分布式光伏配储等六大核心场景商业模式。工商业配储以合同能源管理为主要模式，收益 依赖峰谷价差套利；分布式光伏配储分源侧和荷侧，峰谷价差高的地区经济性更优；绿电直连项目分为并网型和离网型，广 东、浙江等地项目经济性较好；台区储能多为示范项目，以动态增容为主要用途；虚拟电厂收益来自需求 ...

Core Viewpoint - The adjustment of time-of-use electricity pricing in Zhejiang is expected to significantly impact the revenue models of commercial and industrial energy storage projects, leading to a potential decrease in profitability and a shift in operational strategies [2][15][18]. Revenue Model Changes - The new pricing policy will change the charging and discharging strategy from "two charge and two discharge" to "one charge during low valley and one discharge during peak" [3][5]. - The peak discharge time has been adjusted, extending the discharge period in spring and autumn while narrowing it in summer and winter, which may affect the overall revenue [3][5]. Impact on Profitability - The proposed changes could lead to a 40% decrease in annual revenue for a 1MWh energy storage project, with the payback period increasing by 3.15 years and the return on investment decreasing by 11.66% [9][10]. - The price difference between peak and valley periods has decreased significantly, with a reduction of 18.82% in the peak-valley price difference [6][8]. Market Demand Shifts - The demand for energy storage is expected to increase among businesses operating night shifts or those with high nighttime electricity consumption, while traditional office-type businesses may see a decrease in compatibility with the new pricing [11][12]. - The market demand structure is anticipated to shift towards larger enterprises that align better with the adjusted peak periods [12]. Long-term Outlook - Despite short-term challenges, the long-term outlook for energy storage in Zhejiang remains positive due to continuous growth in electricity demand and increasing penetration of renewable energy [15][20]. - The industry is expected to transition from a simple arbitrage model to a more diversified revenue model, incorporating capacity markets and ancillary services [16][20]. Industry Adaptation Strategies - Companies are encouraged to move away from reliance on a single arbitrage model and focus on building diverse revenue streams through technological upgrades and operational innovations [23]. - Collaboration and resource sharing among energy storage companies and virtual power plant operators are recommended to enhance operational efficiency and overall project profitability [23].

Core Insights - The Chinese energy storage industry is experiencing unprecedented growth, driven by the introduction of the "New Energy Storage Scale Construction Special Action Plan" with a target of 180 million kilowatts and an anticipated direct investment of 250 billion yuan [1][3] - The cumulative installed capacity of new energy storage surpassed 100 GW by June 2025, marking a 32-fold increase compared to the end of the 13th Five-Year Plan, with a year-on-year growth of 68% in newly installed capacity in the first half of 2025 [1][3] - The industry is transitioning from a "mandatory storage" model to independent storage, with independent storage now accounting for over half of the installed capacity, transforming from an "accessory" to a "key player" in the electricity market [1][3] Policy Breakthrough - The "136 Document" released in February 2025 fundamentally altered the growth rules for energy storage, ending the administrative mandatory storage model and allowing for market-driven pricing [3][4] - The document promotes a phased approach, ensuring revenue for existing projects while pushing new projects towards competitive pricing, thereby enhancing companies' self-sustainability [3] - The policy has triggered a surge in installations, with domestic energy storage bidding volumes reaching 19.2 GWh from March to May 2025, a 210% increase year-on-year [3] Demand Explosion - Global energy storage installations reached 86 GW in the first nine months of 2025, a 92% increase year-on-year, with domestic installations contributing 41 GW and international installations 45 GW [5] - The user-side energy storage market is thriving, with significant profit opportunities due to price differences exceeding 1.2 yuan per kWh in provinces like Guangdong and Jiangsu, leading to a 230% increase in newly installed user-side storage [5][6] - Data centers emerged as a new demand driver, with a 280% year-on-year increase in newly installed storage capacity, accounting for 38.5% of total new installations [6] Technological Breakthroughs - The cost of domestic energy storage systems decreased from 1.8 yuan/Wh to approximately 0.8 yuan/Wh between 2020 and 2025, a 55% reduction, while efficiency improved from 85% to 92% [8][9] - Lithium batteries remain the dominant technology, comprising 82% of global energy storage installations, with significant advancements in cost and efficiency [8] - Alternative technologies are emerging to address the limitations of lithium batteries, including vanadium flow batteries and sodium-ion batteries, which are being tested in various applications [9] Market Dynamics - The "Matthew Effect" is becoming more pronounced in the energy storage industry, with leading companies experiencing revenue growth exceeding 100%, while smaller firms lag behind [10][11] - The upstream segment shows stable costs and scale advantages, while the midstream sector is becoming the value center of the industry [10] - Major companies like Sungrow and CATL are solidifying their market positions, with significant revenue growth in their energy storage businesses [11] Conclusion - The rise of the energy storage sector is not merely a short-term trend but a result of policy restructuring and improvements in the industry fundamentals [12] - The shift from policy dependency to value creation indicates a long-term growth potential for the sector, with a focus on quality enhancement rather than just scale expansion [12][13] - The energy storage market is expected to grow significantly, driven by technological advancements and increasing demand from data centers, positioning it as a critical component of the global energy transition [13][14]

Core Insights - The newly operational 3.8MW/7.068MWh energy storage project in Yangpu District, Shanghai, is the largest commercial energy storage station in the city, aiming to establish a pathway for building energy storage stations in urban areas [1][2] Group 1: Safety Measures - The energy storage project is located in a densely populated area, emphasizing the importance of safety. It incorporates a five-layer protection system, including hardware and software measures for real-time data monitoring and operational management [1] Group 2: Economic Viability - The project is designed to optimize economic efficiency through peak and valley arbitrage, operating with a system efficiency of over 90%. It is expected to generate energy savings of approximately 21 million yuan over its lifecycle, with an annual electricity consumption of about 43 million kWh [2] Group 3: Environmental Impact - The energy storage station functions as a "city power bank," integrating with distributed photovoltaic systems, charging stations, microgrid controllers, and carbon management systems. This integration enhances green electricity usage, reduces carbon footprints, and meets ESG requirements while participating in electricity market transactions [3]

Group 1 - The user-side energy storage project in Yangpu District, Shanghai, with a capacity of 3.8MW/7.068MWh, is the largest commercial energy storage station in the city center [1] - The project aims to establish a pathway for building energy storage stations in urban areas, emphasizing safety with multiple layers of protection and real-time monitoring systems [1] - The economic viability of the project is validated, with an annual electricity consumption of approximately 43 million kWh in the technology park, and the project achieving over 90% operational efficiency, generating energy savings of about 21 million yuan over its lifecycle [1] Group 2 - The energy storage station integrates with distributed photovoltaics, charging piles, microgrid controllers, and carbon management systems, enhancing green electricity usage and reducing carbon footprints [2] - The project meets ESG requirements and participates in electricity market trading, showcasing its green value [2]