在句容边城镇仑山山脉的深处，有一座神奇的电站，风景秀丽宜人，既能发电，又能存电，是个为 风光绿电配备的高效"充电宝"。 "看天上，那群鹰——"王威康突然抬手指向远空。蔚蓝的天幕下，三只苍鹰正迎风展翅，从容盘 旋。"电站刚建设时，人们在这里发现了一对老鹰。可能它们也爱上了这片山水，不但没飞走，反而'添 丁进口'，如今已是一家五口。"他语气中洋溢着自豪，"下水库区域早年就有白鹭栖息，施工期间一度 消失，但工程一结束，它们不但重新入住，规模还远胜从前，最近更吸引来一批鸳鸯安家落户。" 人不负青山，青山定不负人。 电站所在的区域曾经山路崎岖、人迹罕至。上水库原本是一处荒芜的冲沟，下水库边曾有个叫"姊 妹桥"的自然村落。为支持电站建设，全村百姓迁出了山谷。如今，电站的上水库叫作高仑湖，下水库 就叫姊妹湖。两个名字背后，是一段人与自然重新结缘的故事。 国网新源江苏句容抽水蓄能有限公司的水工管理李明回忆，大坝建设时采用土石混合料一层一层碾 压，施工期远望一片灰黄，填筑完成后，团队迅速开展覆土绿化，播撒本地草籽，仅用半年就让大坝与 原始山脉融为一体。"生态修复不是后期补救，而是在一开始就写进了电站的规划。"他说。建设过程 中 ...

Core Insights - China's pumped storage capacity has ranked first in the world for nine consecutive years, with Japan and the United States following in second and third place respectively [1] - The rapid growth of renewable energy sources like wind and solar power has led to significant decarbonization in the electricity system, but it also presents new technical challenges that require advanced solutions like pumped storage [1] - The development of pumped storage is crucial for supporting the transition to a new power system and achieving high-quality growth in the sector [1] Industry Development - As of the end of 2024, China's total installed capacity of pumped storage power stations is expected to reach 58.69 million kilowatts, with the East China region having the largest capacity [1] - The total approved and under construction capacity of pumped storage stations nationwide is approximately 200 million kilowatts [1] - The report highlights that China has a unique advantage in pumped storage resources, with a total potential capacity of about 160 million kilowatts identified across various provinces [2] Market Mechanism - Regions like Guangdong and Shandong have initiated pilot projects for pumped storage to participate in electricity market trading, indicating a shift towards market-oriented operations [2] - The current electricity market is evolving, with auxiliary service markets starting to develop, but challenges remain for pumped storage to fully engage in the market [2] - Recommendations include establishing differentiated pilot projects and improving market mechanisms to enhance operational capabilities and ensure orderly implementation of plans [2] Pricing Mechanism - A reasonable pricing mechanism is essential for the sustainable development of the industry, with the current two-part pricing policy supporting investment returns and rapid growth [3] - As the national electricity market reform progresses, there is a need to transition the pricing policy towards market-based mechanisms, potentially adopting a "benchmark capacity price + difference contract" model [3] - Emphasis on technological advancements is crucial for enhancing the competitiveness of pumped storage, with a focus on innovation and cost reduction throughout the project lifecycle [3]

Core Viewpoint - The recent capital increase and share expansion project of State Grid Xinyuan Holdings Co., Ltd. raised 36.5 billion yuan, marking the largest cash fundraising in state asset rights trading history, aimed at hydropower energy storage project construction, potentially leveraging over 300 billion yuan in project investments [1] Group 1: Investment and Market Dynamics - The investment round attracted major players such as China National Petroleum, China Insurance, and several financial institutions, indicating strong confidence in the future of the hydropower energy storage sector [1] - The hydropower energy storage market is projected to grow significantly, with installed capacity expected to reach over 62 million kilowatts by 2025 and approximately 120 million kilowatts by 2030 [1][2] - By the end of 2024, the total investment in operational and under-construction hydropower energy storage projects in China is estimated to reach 2 trillion yuan [1] Group 2: Role of State Grid and Southern Power Grid - State Grid and Southern Power Grid are the largest operators and investors in the hydropower energy storage sector, with State Grid operating 75 stations with a total capacity of 94.04 million kilowatts, the highest globally [2] - Southern Power Grid operates 7 hydropower energy storage stations in the Greater Bay Area with a total capacity of 10.28 million kilowatts and has 9 under-construction stations with a total capacity of 10.8 million kilowatts [3] Group 3: Policy and Economic Factors - The introduction of a two-part pricing policy for hydropower energy storage has stimulated investment, ensuring returns for investors and encouraging project development [4][6] - The average construction cost for hydropower energy storage projects has increased significantly, now ranging from 8,000 to over 10,000 yuan per kilowatt due to challenges in project site selection [6] Group 4: Future Energy System and Flexibility - Hydropower energy storage is crucial for China's energy transition and the construction of a new power system, providing essential flexibility to manage the volatility of renewable energy sources [7][10] - Compared to other energy storage solutions, hydropower energy storage offers superior cost efficiency, safety, and technical maturity, making it a preferred choice for balancing renewable energy generation [9][10]

Core Insights - China's pumped storage capacity has ranked first in the world for nine consecutive years, with Japan and the United States following in second and third place respectively [1] - The rapid growth of renewable energy sources like wind and solar has led to significant decarbonization in the power system, but it also presents new technical challenges that require advanced solutions like pumped storage [1] - The development of pumped storage is crucial for supporting the transition to a new power system and achieving high-quality growth in the sector [1] Group 1: Industry Development - As of the end of 2024, China's total installed capacity of pumped storage power stations is expected to reach 58.69 million kilowatts, with the East China region having the largest capacity [1] - The total approved and under-construction capacity of pumped storage power stations nationwide is approximately 200 million kilowatts [1] - The report indicates that there are about 160 million kilowatts of potential pumped storage sites across the country, considering various geographical and technical factors [2] Group 2: Market Mechanisms - The current two-part pricing policy for pumped storage has positively impacted investment returns and industry growth, but a gradual transition to market-based pricing is necessary [3] - The establishment of a "capacity benchmark price + difference contract" mechanism based on resource zoning is suggested to facilitate the transition to market pricing [3] - The development of a market-oriented operation mechanism for pumped storage is a key focus, especially in regions like Guangdong and Shandong that are piloting market transactions [2] Group 3: Technological and Regulatory Recommendations - Continuous technological innovation and investment in R&D are essential for enhancing the competitiveness of pumped storage in the new power system [3] - The implementation of a regular scheduling mechanism for optimizing provincial layouts from 2024 to 2028 is recommended to ensure orderly development [2] - The Energy Law emphasizes the need for reasonable planning and orderly development of pumped storage stations to meet future demands [2]