Core Insights - The new energy storage market in China is experiencing a temporary decline in October 2025 after a peak in September, with new installed capacity dropping significantly year-on-year and month-on-month [1][3][4] - Despite the short-term setback, the cumulative installed capacity for the first ten months of 2025 shows a robust growth of 36%, with a potential for record-high annual installations by year-end [3][4] New Energy Storage Project Analysis - In October 2025, the total newly installed capacity of new energy storage projects reached 1.70 GW/3.52 GWh, representing a year-on-year decrease of 35% and 49%, and a month-on-month decrease of 51% and 66% [1][4] - Independent energy storage projects accounted for over 75% of the new installations, indicating a shift towards independent storage solutions [3][7] - Third-party enterprises surpassed state-owned enterprises for the first time, with over half of the new installations attributed to equipment manufacturers and private energy companies, highlighting a diversification in market participants [3][17] Regional Distribution - The western region of China accounted for over 50% of the new installed capacity in October, with Ningxia and Shanxi leading in new capacity [10][11][12] - Ningxia's new energy storage demand is driven by high renewable energy integration and national infrastructure projects, positioning it as a key area for energy storage development [12][13] Technology Trends - The majority of new installations utilized lithium iron phosphate battery technology, which made up 98.5% of the capacity, while non-lithium technologies like compressed air and flow batteries are gaining traction [20][21] - Multiple projects utilizing non-lithium technologies are in planning and construction phases, indicating a trend towards technological diversification in the energy storage sector [20][21] Market Dynamics - The market is witnessing a significant shift in investment dynamics, with third-party companies increasingly participating in energy storage projects, driven by favorable policies and declining technology costs [17][19] - Despite the rise of third-party enterprises, large energy groups remain crucial players in the market, contributing to 46% of the new installations in September [17][19]

Core Insights - The National Energy Administration reported a significant increase in energy investment in China, with key projects completing investments of 1.97 trillion yuan in the first eight months of the year, representing an 18.2% year-on-year growth [1] Group 1: Investment Growth Characteristics - Nuclear power, power grids, new energy storage, and coal power are major contributors to the growth in energy project investments [1] - New energy storage projects in Xinjiang, Guangdong, Yunnan, Shandong, and Inner Mongolia saw investment growth rates exceeding 100% year-on-year [1] Group 2: Rapid Growth in Specific Sectors - Wind power, modern coal chemical industry, oil and gas reserve facilities, charging and swapping infrastructure, and hydrogen energy investments are experiencing rapid growth [1] - Ongoing projects in Xinjiang and Inner Mongolia for coal-to-oil and coal-to-olefins are progressing steadily, while the Daan green hydrogen ammonia integration demonstration project in Jilin has been completed [1] Group 3: Steady Growth in Other Energy Investments - Solar power generation, integrated source-grid-load-storage projects, oil and gas exploration and development, and pumped storage investments are also growing steadily [1] - Several integrated source-grid-load-storage projects are advancing in Shandong, Shanxi, Gansu, and Guangxi, while major oil fields are steadily increasing reserves and production [1]

10月17日，内蒙古自治区能源主管部门发布《内蒙古自治区新型储能项目产权登记流转管理方案(征求 意见稿)》(以下简称《方案》)，明确提出对自治区范围内新建和已投运的新型储能项目实施"一地、一 码、一证"的全生命周期统一登记托管，建立储能产权项目数据库，推动新型储能市场规范化运行。 《方案》指出，近年来自治区新能源产业发展迅速，但随之出现了项目"一地多证、一地多补"，操作过 程不规范、不透明，资产闲置浪费、运行效率低等问题，亟待通过储能产权统一登记管理和信息公开， 明晰产权关系，落实储能主体、行政监管和社会共治"三方责任"，提升行政监管效能，完善传统监管方 式。 储能产权证按照项目建设方式分为三类：自建(C1类)、配建(C2类)、独立储能(C3类)，涵盖储能项目土 地、设备、企业所有者、抵质押备案登记等关键信息，作为权属登记、托管、变更、流转的基本依据。 在流转管理方面，《方案》明确将储能产权证纳入新型储能参与电力市场的准入条件，各电力交易机构 依据储能产权证办理入市准入、现货交易等相关业务，确保市场规范化运营。专业机构将参照国有资产 交易制度，起草资产流转操作指引，制定产权交易流转流程，通过内蒙古产权交易市场 ...

Core Insights - China Power Construction Corporation (CPCC) reported significant growth in new contracts for energy storage projects, with 142 new projects signed and a total contract value of 36.698 billion yuan for the period from January to September 2025 [2][3]. Group 1: Business Performance - The total number of new projects signed in the energy sector reached 4,013, with a contract value of 58.5228 billion yuan, reflecting a year-on-year increase of 12.89% [3]. - Hydropower projects saw 783 new contracts worth 14.9438 billion yuan, marking a substantial year-on-year increase of 68.82% [3]. - Wind power projects accounted for 919 new contracts valued at 18.2874 billion yuan, with a year-on-year growth of 54.67% [3]. - Solar power projects experienced a decline, with 779 new contracts worth 13.7918 billion yuan, down 33.36% year-on-year [3]. - Thermal power projects also faced a decrease, with 389 new contracts valued at 3.3829 billion yuan, down 46.25% year-on-year [3]. - New energy storage projects totaled 142, with a contract value of 36.698 billion yuan, indicating a stable performance [3]. Group 2: Major Contracts - Notable new energy storage projects include: - Hetian Bangjin 500MW/2000MWh independent energy storage project with a total contract value of 1.78 billion yuan [4]. - Uzbekistan Nukus Phase II 200MW+100MWh wind-storage project with a contract value of 1.539 billion yuan [4]. - Dengkou 1 million kW/4 million kWh power-side independent energy storage project with a contract value of 1.295 billion yuan [4]. - Tongliao Wanma New Energy Technology Co., Ltd. 500,000 kW/200,000 kWh grid-side storage project with a contract value of 1.108 billion yuan [4].

Core Viewpoint - The new energy storage market in China is experiencing a decline in installed capacity, with significant year-on-year and month-on-month reductions in new projects, primarily influenced by the "rush to install" new energy systems since 2025 [2][4]. Group 1: New Installed Capacity - In July 2025, the newly installed capacity of new energy storage projects reached 3.24 GW/8.79 GWh, representing a year-on-year decrease of 35% and 26%, respectively, and a month-on-month decrease of 28% and 23% [2]. - The user-side new energy storage projects added 252.3 MW/529.7 MWh in July, showing a year-on-year increase of 9% but a month-on-month decrease of 41% and 49% [4][5]. Group 2: User-side Storage Characteristics - The commercial and industrial sectors dominate the user-side storage market, with new installations of 205.4 MW/435.7 MWh in July, reflecting a year-on-year decrease of 3% and 11% [5][6]. - All newly operational projects utilize electrochemical storage technology, with lithium iron phosphate battery technology accounting for nearly 100% of the installed capacity [6]. Group 3: Regional Market Dynamics - The newly installed projects are primarily concentrated in 15 provinces, with the East China region (including Zhejiang, Jiangsu, and Shandong) holding nearly half of the market share in terms of project numbers [9]. - Sichuan leads in installed capacity, accounting for nearly 30% of the total, while Jiangsu ranks second in the East China region [9]. - The user-side storage market has seen a decline in investment enthusiasm, with a 35% year-on-year decrease in newly registered user-side storage projects in July [11].

Group 1: Energy Investment and Growth - Jiangsu's energy sector completed an investment of approximately 136.6 billion yuan in the first half of the year, representing a year-on-year growth of 29.8%, maintaining a leading position nationwide [1] - Investment in non-fossil energy reached 87.7 billion yuan, showing a remarkable year-on-year increase of 68.1% [1] - Traditional energy sector investment amounted to 19 billion yuan, with a year-on-year growth of 36.4% due to the acceleration of key coal and gas projects [3] Group 2: Renewable Energy and Storage Solutions - Jiangsu's installed capacity of renewable energy has surpassed 100 million kilowatts, accounting for 46% of the province's total power generation capacity, with a growth of 191% since the beginning of the 14th Five-Year Plan [4] - New energy storage projects are emerging to address the volatility of renewable energy, acting as flexible "super batteries" that store energy during low demand and release it during peak times [4] - The world's highest pumped storage power station in Jiangsu has a reservoir capacity of 1.707 million cubic meters, expected to meet the annual electricity needs of approximately 360,000 households [4] Group 3: Innovative Energy Solutions - The underground air bank project in Huai'an utilizes abandoned salt caverns for energy storage, with a total storage capacity of 2,400 megawatt-hours, capable of generating 792 million kilowatt-hours annually [5] - The Jiangsu Fengchu Shared Energy Storage Station is the largest electrochemical storage station in the province, allowing multiple users to share storage capacity, reducing initial investment and operational costs [6] - The integrated project in Rudong combines photovoltaic, wind, storage, and hydrogen energy, showcasing a model of energy synergy [7]

Core Viewpoint - The end of the mandatory energy storage policy has led to significant fluctuations in the renewable energy market, with contrasting views on the future of energy storage development in China [2][3]. Summary by Sections Policy Impact - The National Energy Administration's policies in January 2025, including the "430" and "531" deadlines, have caused dramatic changes in the installation scale of renewable energy, with solar power installations seeing a year-on-year growth of 388% in May, followed by a decline of -38.4% in June [2]. - Wind power installations also experienced volatility, with growth rates soaring from negative to 800.2% in a matter of months [2]. Energy Storage Market Trends - The cancellation of mandatory energy storage has sparked debate about the future of the domestic energy storage market, with pessimists predicting a severe decline in demand, while optimists foresee a significant increase in system flexibility needs as renewable energy penetration rises [2]. - Data from CNESA indicates that in June 2025, newly operational energy storage projects in China totaled 2.33GW/5.63GWh, reflecting a year-on-year decrease of 65% and 66% respectively [2]. Independent Energy Storage Development - Independent energy storage projects are gaining traction, with many provinces planning substantial projects. For instance, Hebei has announced 6.4GW/20.9GWh of independent storage projects, predominantly funded by local state-owned and private enterprises [4][8]. - Economic models such as the "capacity price" in Hebei and "discharge compensation" in Inner Mongolia are proving to be viable, with Inner Mongolia's projects showing an internal rate of return (IRR) of 14.8% due to favorable price differentials [9][11]. Economic Viability of Energy Storage - The economic feasibility of independent storage is supported by stable revenue from capacity pricing and market-based earnings from the spot market, attracting local investment [4][11]. - The analysis indicates that energy storage can significantly enhance the economic returns of solar projects, especially when paired with self-generated storage to shift energy to higher price periods [12][13]. Future Projections - Predictions suggest that the domestic energy storage market will recover and grow rapidly in the coming years, with expected capacities reaching 160GWh and 210GWh in the next two years [18].

Group 1 - High temperatures have led to increased electricity demand, prompting power departments to implement various measures to ensure supply [1][5] - In regions like Henan, significant investments have been made, totaling 10.8 billion yuan, to complete 2,640 projects aimed at enhancing power grid stability during high temperatures [5] - Sichuan's electricity demand has reached record levels, with a peak load of 74.186 million kilowatts recorded on August 5, marking the fourth historical high this summer [7] Group 2 - Sichuan has established 30 virtual power plants and 295 energy storage projects, providing over 1 million kilowatts of adjustable capacity to support electricity supply [9] - Chongqing has increased its external electricity purchases, reaching a maximum of 9.71 million kilowatts from various transmission channels to ensure stable power supply during high temperatures [11]

Core Viewpoint - China Power Construction Corporation (CPCC) reported a total new contract amount of 686.70 billion RMB for the first half of 2025, reflecting a year-on-year growth of 5.83% [2][8]. Summary by Category 1. By Business Type - The company signed 2,939 new energy projects with a total contract value of 431.39 billion RMB, an increase of 12.27% year-on-year [5]. - Hydropower projects accounted for 576 new contracts worth 100.46 billion RMB, showing a significant increase of 66.67% [5]. - Wind power projects saw 652 new contracts totaling 142.90 billion RMB, up by 68.78% [5]. - Solar power projects experienced a decline, with 616 contracts worth 113.74 billion RMB, down by 28.55% [5]. - New energy storage projects included 96 contracts valued at 20.91 billion RMB, marking a slight increase [5]. 2. By Regional Distribution - Domestic contracts amounted to 545.04 billion RMB, a year-on-year increase of 3.16% [8]. - International contracts reached 141.67 billion RMB, reflecting a growth of 17.50% [8]. - The total contract amount for both domestic and international projects combined was 686.70 billion RMB, with a growth of 5.83% [8]. 3. Major Contract Details - In June 2025, the company signed 70 contracts exceeding 500 million RMB each, with 7 related to energy storage projects totaling over 2.75 GW/13 GWh and involving a project amount of 13.34 billion RMB [2][10]. - Notable projects include: - A 1 million kW/6 million kWh energy storage project in Ulanqab, valued at 6.24 billion RMB [10]. - A 300 MW/1200 MWh energy storage project in the Deep-Shan Special Cooperation Zone, with a contract value of 1.75 billion RMB [10]. - Two independent energy storage projects at the Gushanliang 500 kV substation, each valued at approximately 1.46 billion RMB [10].

Core Viewpoint - The Zhejiang Provincial Energy Bureau has issued a notice for the dynamic adjustment of the 2025 new energy storage project construction plan, emphasizing the need for local governments to coordinate regional grid operations and renewable energy consumption while submitting project adjustment suggestions [1]. Group 1: Grid-side Energy Storage Projects - The construction scale for grid-side energy storage projects should be no less than 50,000 kW/100,000 kWh, following the "total control, one in one out" principle, meaning that the installed capacity applied for increase cannot exceed that applied for reduction [2][10]. - Projects included in the national-level scientific and technological research plan are exempt from the above requirements [10]. Group 2: Power-side Energy Storage Projects - Projects that coordinate with thermal power units for frequency regulation should have a single unit power of no less than 18,000 kW and a comprehensive adjustment performance index (Kpd) value of no less than 0.9; the scale and technical characteristics of renewable energy projects are to be determined by the owners based on actual needs [3][10]. Group 3: User-side Energy Storage Projects - The Provincial Energy Bureau will no longer manage annual construction plans for user-side projects of 5 MW and above, delegating the management to local energy authorities, which will compile construction plans and report to the bureau [4][11]. - User-side projects must be registered with local authorities before construction, and they need to consult with grid companies regarding connection plans [4][11]. Group 4: Application and Approval Process - Local energy authorities are responsible for organizing project applications and preliminary reviews, while the Provincial Energy Bureau will evaluate and form an adjusted construction plan based on the results [12]. - Project owners must ensure the authenticity and completeness of application materials, with any false information leading to disqualification from the application process [12].