文 | 中关村储能产业技术联盟 136号文件背景下，新能源将全面进入市场，独立储能容量租赁模式将逐步淡出。随着我国电 力市场建设步伐加快， 独立储能参与电力市场将成为必然趋势，现货市场价差套利将成为其主 要的收益来源之一。 2025年以来，各省现货市场建设按下加速键，市场规则不断完善，试运行 工作紧密开展，力争年底实现现货市场全覆盖。 本文 重点梳理各省现货市场建设进展及市场规则，探索独立储能盈利空间及市场机遇 。 01 现货市场建设进展 国家顶层设计 近年来，我国电力市场改革不断深化，市场建设成效显著。多层次多品类多功能多主体电力 市场体系初步建立， 电力中长期、现货、辅助服务市场机制 持续优化，" 1+6 "基础规则体 系初步完善，全国统一电力市场建设加快推进。 2 0 2 5年4月国家发改委、能源局发布《关于全面加快电力现货市场建设工作的通知》（以下 简称394号文），明确各省现货市场建设时间进度。 各省加速建设 全国各地电力市场现货建设按下加速键。继山西、广东、山东、甘肃、省间之后，蒙西（2 月24日）、湖北（6月6日）、浙江（8月8日）于今年陆续转入正式运行。此外，南方区域 电力现货市场于6月28日 ...

Core Insights - The company reported a revenue of 496 million yuan for the first half of 2025, representing a year-on-year decline of 6.02% [1] - The net profit attributable to shareholders was 8.95 million yuan, down 90.17% year-on-year [1] - The net profit after deducting non-recurring items was 4.21 million yuan, a decrease of 95.40% compared to the previous year [1] - Basic earnings per share stood at 0.01 yuan [1] Company Overview - As of June 30, 2025, the company has 36 controlling subsidiaries and 1 affiliated subsidiary [1] - The total installed capacity of operational power generation projects is 2734 MW, which includes independent energy storage [1] - The installed capacity for wind power generation projects is 1720.5 MW, while solar power generation projects have an installed capacity of 853.50 MW [1] - The installed capacity for independent energy storage projects is 160 MW [1] Future Projects - The company has approved wind and solar power projects under construction with a total installed capacity of 1100 MW [1] - Additionally, there are independent energy storage projects under construction with an installed capacity of 1200 MW [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [6]. Core Insights - The independent energy storage business model is evolving from virtual to real, with mechanisms gradually improving in domestic markets, particularly with the expectation of a clear turning point by the end of 2025 [16][21]. - The demand for energy storage remains strong, with significant improvements in profitability anticipated as the market matures [50]. Summary by Sections Business Model: Transition from Virtual to Real - Current independent storage business models include spot market arbitrage, ancillary services, and capacity compensation, with overseas markets like the UK, US, and Australia being more mature [16]. - By the end of 2025, most provinces in China are expected to enter continuous settlement, allowing for sustainable arbitrage opportunities in the spot market [21][23]. Spot Market Developments - The domestic electricity spot market is entering a rapid construction phase, with most provinces expected to start continuous settlement trials by the end of 2025 [23]. - The average price difference in the spot market has been expanding, particularly in provinces like Gansu and Guangdong, where the average price difference reached over 0.4 yuan/kWh [26]. Capacity Pricing - The introduction of capacity pricing for independent storage is anticipated, which will help secure part of the revenue for storage systems [33]. - Several provinces, including Shandong and Inner Mongolia, have already implemented capacity pricing policies, with more expected to follow [34]. Market Demand and Profitability - In the first five months of 2025, the cumulative installed capacity of energy storage in China reached 13.4 GW, a year-on-year increase of 57% [52]. - The bidding for energy storage projects remains robust, with a cumulative bid of 36.6 GW, reflecting a 191% year-on-year increase [52]. Price Stability and Industry Profitability - The industry has reached a profitability bottom, with significant reductions in the prices of battery cells and systems stabilizing [61]. - The average price of 280Ah battery cells has decreased from 0.30 yuan/Wh to 0.29 yuan/Wh, indicating a narrowing decline in prices [61].

Core Viewpoint - China Three Gorges New Energy (Group) Co., Ltd. reported a total power generation of 19.531 billion kWh in Q2 2025, representing a year-on-year increase of 6.24% [1] Group 1: Power Generation Performance - In Q2 2025, the total power generation was 19.531 billion kWh, with wind power contributing 11.693 billion kWh, an increase of 5.93% year-on-year [1] - Onshore wind power generation reached 8.492 billion kWh, up 10.24% year-on-year, while offshore wind power generation was 3.201 billion kWh, down 4.02% [1] - Solar power generation totaled 7.677 billion kWh, marking an 8.16% increase year-on-year, and independent energy storage generated 0.161 billion kWh, a significant increase of 85.06% [1] Group 2: Cumulative Power Generation - For the first half of 2025, the cumulative total power generation was 39.314 billion kWh, with wind power contributing 25.061 billion kWh, an increase of 8.69% year-on-year [1] - Onshore wind power accounted for 17.524 billion kWh, up 15.21% year-on-year, while offshore wind power was 7.537 billion kWh, down 3.95% [1] - Cumulative solar power generation reached 13.911 billion kWh, a 10.25% increase year-on-year, and independent energy storage generated 0.342 billion kWh, an increase of 84.86% [1]

储能规模逐渐扩大，如何降低企业风险，高效发挥作用？2024年10月，贵州省能源局印发《贵州省新型储 能参与电力市场交易实施方案(试行)》，明确独立储能可与其他经营主体开展电能量交易，充电时段视同 电力用户购买电量，放电时段视同发电企业出售电量，从中赚取收益。 基于此，在政策的支持下，贵州电力交易中心精心组织市场各方，对独立储能参与市场化交易进行详细推 演，及时解决交易过程中存在的困难和难题，开展市场收益测算，推动具备条件的独立储能企业先行先 试，参与市场。 "中长期合同能锁定未来一段时间内的电力价格，企业不用时时刻刻承受市场的风险，相当于吃下了'定心 丸'，为后续参与调峰调频市场奠定了基础。"贵州电力交易中心交易组织部主任朱刚毅介绍。 贵州金元鸭溪储能电站。尹佳摄 文 | 人民网-贵州频道 近日，中广核贵州安顺关岭新能源有限公司月亮湾储能与贵州金元智慧能源有限公司，签订贵州电力市场 首份独立储能中长期交易合同。至此， 独立储能正式进入贵州电力市场。 作为新能源与电网的"桥梁"，储能电站被视为电网安全运行的"稳定器"，对推动能源绿色低碳转型具有重 要意义。其中，独立储能是指具备独立计量、控制等技术条件，接入调度 ...