将暂时用不完的电先储存起来，是扬中的重要举措。去年4月，扬中市经济发展局出台《关于进一步推 进全市新能源高质量发展的通知》，明确支持用户侧储能、"车网互动"充电站、企业侧光伏电站等荷端 资源开发，鼓励企业单位参与需求响应、建设虚拟电厂。"目前，已有威腾集团、蜂巢动力、维纳特气 门等5家企业配增了用户侧储能，20余家企业签约入驻扬中市虚拟电厂聚合平台、总容量7兆瓦。"国网 扬中市供电公司营销部副主任方熙程说。 扬中是全国高比例可再生能源示范城市，拥有光伏全产业链。早在2015年，扬中就启动"绿色能源岛"建 设。2018年10月4日，扬中市首次出现光伏出力倒送，也就是全市光伏发电功率大于用电负荷，此后光 伏出力倒送成为常态。就地消纳多余的光伏电量，正是建设绿色能源岛的关键之一。 "十五五"启程在即，扬中距离绿色能源岛目标还有多远?11月19日中午，记者带着这个问题，走进国网 扬中市供电公司调控中心。副主任夏鹏程指着电脑屏幕上两条曲线向记者介绍："上扬的曲线是近5年来 扬中地区的光伏装机容量，以平均每年18.53%的速度在增长，而下面几乎没有浮动的曲线，则是光伏 出力最大倒送功率，最大倒送功率几乎不变，说明新增的光 ...

2025年以来，创业环保坚持以"三新""三量"为抓手，"战略引领、深化改革、经营创效、科技赋能、风 险防控"等工作取得显著成效，公司运行稳中向好。 数据显示，2025年1-9月，创业环保实现营业收入34.47亿元，同比上升1.70%；净利润7.02亿元，同比上 升3.59%；扣非净利5.98亿元；经营现金流净额为5.21亿元。其中，第三季度贡献营收12.69亿元，较上 年同期增长8.36%；净利润2.95亿元，同比增长2.22%；扣非净利2.01亿元。 交流会上，问及绿电业务未来发展情况，创业环保代总经理张健表示，公司目前以分布式光伏发电、用 户侧储能和新能源供冷供热业务为核心，作为战略新业务方向重点培育，此类战略新业务在盈利能力、 经济附加值、投资回收期等方面，与基础水务业务形成互补，旨在优化公司整体业务结构。 11月20日下午，创业环保（600874）（600874.SH）2025年第三季度业绩说明会在全景路演成功举办。 创业环保代总经理张健、创业环保总会计师聂艳红、创业环保董事会秘书齐丽品、创业环保 董事王永 威、创业环保董事安品东、创业环保独立董事薛涛出席本次说明会。 谈及中央生态环境保护督察进驻天津 ...

Core Insights - The new energy storage capacity on the user side in China showed year-on-year growth in October 2025, but there was a month-on-month decline [2] - The commercial and industrial storage sector dominates the market, accounting for over 90% of the total capacity [5] - The Central China region leads the market with over 50% of the installed capacity, particularly driven by Henan province [3][8] User-side Storage Capacity - In October, the user-side storage market was primarily driven by commercial applications, with new installations of 178.00 MW/445.19 MWh, showing a year-on-year decline of 39%/51% [5] - The newly operational projects predominantly utilized electrochemical storage technology, with lithium iron phosphate battery technology accounting for 99% of the installed capacity [6] Regional Distribution of User-side Storage - The Central China region accounted for 50% of the new installed capacity, leading the market in October [8] - Henan province had the largest new installed capacity, exceeding 40%, while Shandong followed [8] - The demand for user-side storage in Henan is rapidly increasing due to the province's push for integrated energy solutions and the release of new market demands in rural areas [8] User-side Storage Project Registrations - The number of new user-side storage project registrations in October was significantly higher than the same period last year, with a year-on-year increase of 91% in scale and 4% in number [12] - The traditional strong provinces (Zhejiang, Guangdong, Jiangsu) saw a decline in the number of new registrations, with a total of 430 new projects, down 41% year-on-year [13] Peak and Valley Electricity Prices - In October, 15 provinces had peak-valley price differences exceeding 0.7 yuan/kWh, with Guangdong having the highest price difference, maintaining above 1.0 yuan/kWh in certain areas [15] - The potential for arbitrage in user-side storage remains significant in Guangdong, indicating it could become an important market for user-side storage [16] Overall Analysis of New Storage Projects - In October 2025, the total newly installed capacity of new energy storage projects in China was 1.70 GW/3.52 GWh, reflecting a year-on-year decline of 35%/49% and a month-on-month decline of 51%/66% [18] - Despite the decline in October, the cumulative installed capacity for the first ten months reached 35.8 GW, showing a year-on-year growth of 36% [18]

Core Insights - The user-side energy storage market shows a year-on-year increase in newly installed capacity, with a notable growth in the number and scale of registered projects compared to the same period last year [2][9][10] - High energy-consuming industries such as metallurgy, chemicals, and textiles account for over 70% of the installed capacity, indicating a strong demand for carbon reduction and supply assurance [5][10] - The peak-valley price difference in certain regions of Guangdong remains above 1 yuan/kWh, providing significant arbitrage opportunities for energy storage [12][16] User-side Energy Storage Data - In September, the newly installed user-side energy storage capacity reached 243.56 MW and 488.22 MWh, representing a year-on-year increase of 38% and 18%, respectively, but a month-on-month decrease of 41% and 46% [4][17] - The commercial application dominates the user-side energy storage market, accounting for over 95% of the installations, with high energy-consuming enterprises driving the demand [5][8] Regional Distribution - The newly installed projects are primarily concentrated in Jiangsu, Zhejiang, and Guangdong, with Jiangsu having the largest installed capacity, accounting for nearly half of the national total [8][10] - Zhejiang leads in the number of newly registered projects, while Guangdong shows significant growth in both project scale and number [9][10] Price and Investment Returns - The peak-valley price difference in 15 provinces exceeds 0.7 yuan/kWh, with seven provinces surpassing 1 yuan, particularly in Guangdong, which has a high potential for price arbitrage [12][16] - Frequent adjustments to time-of-use electricity pricing policies introduce uncertainty regarding investment returns for user-side energy storage projects [3][16] Overall Market Trends - The total newly installed capacity for new energy storage projects in September reached 3.08 GW and 9.08 GWh, with year-on-year increases of 166% and 200%, respectively [17] - The third quarter saw a total of 9.16 GW and 25.52 GWh of newly installed capacity, indicating a robust growth trajectory for the year [17]

Core Insights - The recent auction results for renewable energy prices in Shandong Province have raised concerns among investors regarding the profitability of solar and wind projects, with solar prices dropping to 0.225 yuan/kWh and wind prices at 0.319 yuan/kWh, both significantly lower than expected [1][3][4] - The new pricing mechanism introduced by the government aims to stabilize revenues for renewable energy projects but has led to a competitive bidding environment where many participants are undercutting prices to secure contracts [1][3][5] Summary by Sections Mechanism Pricing and Market Reactions - The mechanism pricing for solar energy was set at 0.225 yuan/kWh, which is lower than the expected 0.26 yuan/kWh, causing alarm among investors as it may not cover operational costs for many projects [1][3][4] - The auction results indicate a significant drop in expected revenues, with solar and wind prices falling by 43% and 19.2% respectively compared to the benchmark coal price [4][5] Policy Changes and Industry Impact - Recent policy changes from the National Development and Reform Commission and the National Energy Administration aim to accelerate the construction of the electricity spot market and promote new energy consumption [2][5] - The new pricing mechanism is seen as a critical step for renewable energy to secure a foothold in the electricity market, but it also places the onus of demand on electricity users rather than the grid [2][5] Investment Trends and Challenges - The low mechanism prices have led to a reduction in investment enthusiasm, with many investors reporting difficulty in finding funding for projects due to the unfavorable pricing environment [3][6][7] - The competitive landscape has shifted, with fewer investors willing to engage in projects that do not meet profitability thresholds, leading to a consolidation of investment interest in high-quality projects [5][7] Storage and Future Prospects - The introduction of new policies has improved the outlook for independent energy storage projects, with significant growth in installed capacity reported [10][11] - However, challenges remain in ensuring that storage projects can effectively participate in the market, as many still lack the necessary performance metrics to be profitable [12][13] Long-term Outlook - The future of renewable energy deployment is expected to slow down due to various factors, including the need for coal power to support the grid and the ongoing adjustments in market mechanisms [13][14] - The industry is urged to focus on improving project economics and ensuring that policies align with market realities to foster sustainable growth in the renewable energy sector [14][15]

Group 1 - The core viewpoint of the article is that YN Holdings has decided to abandon investments and acquisition opportunities in distributed photovoltaics, user-side energy storage, and charging pile projects due to a lack of competitive advantage and insufficient investment returns [2] - YN Holdings cited the National Development and Reform Commission's notice on promoting market-oriented pricing for renewable energy as a reason for this strategic shift [2] - The company aims to focus on large-scale development in the renewable energy sector, aligning with its operational status and future transformation plans [2] Group 2 - In related news, Haibo Sichuang reported a 22.66% year-on-year increase in revenue for the first half of 2025, with a net profit of 316 million yuan [3] - The user-side new energy storage projects saw a year-on-year increase of 9% in newly operational models, but a 41% decrease compared to the previous month, with the East China region holding the largest market share [3] - The National Energy Administration is promoting shared energy storage and renewable energy joint operations, exploring the establishment of a capacity compensation mechanism on the generation side [3]

Core Viewpoint - Henan YN Holding Co., Ltd. has decided to abandon investments in incremental distributed photovoltaic, user-side energy storage (excluding energy storage integrated with source-network-load projects), and charging pile projects, while cautiously advancing existing projects based on actual conditions [1][2]. Group 1: Company Decisions - The company has repeatedly abandoned investment opportunities in related projects, having held shareholder meetings in 2021, 2023, and 2024 to approve the abandonment of commercial opportunities related to distributed photovoltaic, user-side energy storage, and charging pile projects [1]. - On August 26, 2025, the company held several meetings, including an independent director meeting and a board strategic committee meeting, to review the proposal to abandon investments and acquisition opportunities in competing projects [2]. Group 2: Reasons for Abandonment - The primary reason for the abandonment is to comply with the National Development and Reform Commission's requirements, which promote the participation of renewable energy in market transactions [2]. - The company indicated that the competitive advantages of distributed photovoltaic, user-side energy storage, and charging pile projects are not significant within its renewable energy business, failing to meet investment return expectations [2]. Group 3: Impact on Company - The company stated that this decision aligns with the interests of the listed company and will not have a significant impact on its financial status or operating results, aiming to focus on the large-scale development of renewable energy [2].

Core Viewpoint - The company has decided to abandon investments in incremental distributed photovoltaic, user-side energy storage (excluding energy storage equipped with integrated source-grid-load-storage projects), and charging pile projects, focusing instead on large-scale development of renewable energy, which aligns with its future transformation plan [1] Group 1 - The decision to abandon certain projects will not have a significant impact on the company's financial status and operating results [1] - The company will cautiously advance existing projects based on actual conditions [1]

Core Viewpoint - The implementation of the "136 Document" and subsequent policies in Shandong Province aims to promote the marketization of renewable energy pricing and enhance the development of energy storage systems, leading to a transformation in the energy market dynamics and business models for storage [1][3][10]. Group 1: Policy Implementation - Shandong Province has introduced the "Implementation Plan for Market-oriented Reform of Renewable Energy Grid-connected Pricing" following the "136 Document," along with several supporting documents to ensure a smooth transition in the electricity market by 2025 [1]. - The "396 Document" and "278 Document" outline the necessary steps for a stable transition and high-level consumption of renewable energy, respectively [1]. Group 2: Energy Storage Development - The current installed capacity of new energy storage in Shandong Province has reached 9.6 million kilowatts, primarily from grid-side electrochemical storage, which accounts for about 80% [2]. - The revenue model for grid-side independent storage includes income from arbitrage between low charging and high discharging prices, market capacity compensation, and capacity leasing from renewable energy stations, with respective contributions of approximately 33%, 17%, and 50% [2]. Group 3: Impact of Policy Changes on Storage - The "136 Document" does not mandate energy storage configuration for new renewable projects, which may lead to a shift towards independent energy storage systems and a need for new business models [3]. - The revenue for energy storage systems could decrease significantly if new projects lose capacity leasing income, necessitating a transition to power-side and user-side storage [3]. Group 4: Technological and Market Advancements - Technological advancements have led to a 55% reduction in investment costs for lithium batteries compared to 2021, enhancing energy storage capabilities [4]. - The market is moving towards a model where energy storage systems must focus on long-term performance and lifecycle efficiency rather than just initial costs [4]. Group 5: Market Mechanisms and Revenue Models - The adjustment of the capacity compensation mechanism will enhance the value of energy storage, particularly for photovoltaic systems, by aligning compensation with their actual contribution to peak demand [7]. - The auxiliary service market is being restructured to allow energy storage to participate more actively, which could significantly increase revenue opportunities for storage systems [8][9]. Group 6: Long-term Industry Outlook - The transition to a market-driven pricing model for renewable energy is expected to stabilize the energy storage industry in the long run, particularly benefiting grid-connected storage and green electricity projects [10][11].

Core Viewpoint - The article discusses the top 10 global user-side energy storage shipments for the first half of 2025, highlighting key players in the industry and their market positions [1]. Group 1: Industry Overview - The article lists the top 10 companies in global user-side energy storage shipments for H1 2025, indicating a competitive landscape in the energy storage sector [1]. Group 2: Key Players - The top companies mentioned include REPT, EVE Energy, and BYD, showcasing their significant roles in the energy storage market [1].