Core Viewpoint - The recent notification from the Shanxi Provincial Energy Bureau regarding the adjustment of the new energy storage project library for Q4 2025 signals a commitment to regulate market order and promote high-quality development in the energy storage industry through a "5-year no transfer" clause [2][5]. Group 1: Overall Scale - The adjustment indicates a simultaneous trend of "incremental expansion" and "stock optimization" in the Shanxi energy storage project library [3]. - A total of 197 new projects were added, with a total capacity of 12,459 million kilowatt-hours (124.59 GWh), of which over 95% are confirmed as independent storage projects, highlighting the dominance of large independent storage stations in the current market [4]. Group 2: Admission Supervision - The notification establishes strict restrictions on project rights transfer, stating that projects included in the construction plan cannot be transferred within five years of construction and full capacity grid connection [5]. - This policy aims to curb speculation and illegal trading, ensuring that only companies with genuine investment capabilities and long-term operational plans can enter the market [5]. Group 3: Resource Allocation - The introduction of a rolling adjustment mechanism aims to optimize resource allocation efficiency, marking a shift towards dynamic and refined management of the project library [6][7]. - The recent adjustments have effectively released scarce grid access and land resources by removing projects that have not made substantial progress, thereby creating space for new projects that meet construction conditions [7]. Group 4: Construction Period Control - The timing of the new project announcements is significant, as they are expected to become key contributors to grid connection in 2026, with a requirement for substantial construction to begin within six months and completion within twelve months after being added to the library [8]. - This imposes clear deadlines on the companies, emphasizing the responsibility to ensure timely project implementation [8]. Group 5: Market Orientation - The Shanxi Power Trading Center has established market rules for new projects, including compensation mechanisms for independent storage participating in secondary frequency modulation and emergency calls, along with higher technical standards for response rates and accuracy [10]. - The value of storage assets will increasingly depend on operational capabilities, and projects that cannot adapt to the high-frequency, complex trading environment may face significant profitability challenges [10].