Since 2022, the energy storage industry has received increasing attention from investors, gradually becoming an independent investment theme from a branch that used to be affiliated with photovoltaic and wind power generation.
The energy storage industry has gradually moved from commercialization to large-scale development. With the intensive introduction of energy storage policies at the national and local levels, the development models of energy storage in various links are maturing.
On December 2nd, the Northwest Regulatory Bureau of the National Energy Administration issued two draft implementation rules for soliciting opinions, clarifying that the inclusion of new energy storage in grid connected entities can provide power auxiliary services, and providing compensation indicators. The compensation standard for primary frequency regulation is 15 yuan/KWh, and the capacity compensation standard is 20 yuan/MW. After the monthly utilization rate reaches 98%+, 100 yuan/MW will be compensated for every 1% increase. In addition, compensation indicators for moment of inertia compensation, peak shaving, voltage regulation, reactive power compensation, black start, etc. have also been clearly defined. This once again proves that China's energy storage revenue sources have begun to diversify, profit models have gradually become clear, and there has been a shift from forced allocation to market-oriented allocation. In the future, the price pressure on the energy storage industry chain will be released to a certain extent, which is conducive to promoting the development of the energy storage industry.
Since the beginning of this year, due to factors such as the epidemic and rising raw material prices, the installation of domestic energy storage systems has not brought about the expected rapid growth. However, it is expected that in 2023, the turning point of upstream raw material prices will approach, and the backlog of projects in the early stage may accelerate, and the overall growth rate of the industry is expected to rise again.
With the advancement of technology and the expansion of production capacity, the cost of wind and photovoltaic power generation and the manufacturing cost of lithium-ion batteries have significantly decreased in recent years. Based on the parity of new energy on the grid side, the world is currently moving rapidly towards the direction of "new energy+energy storage" parity. On the other hand, the positioning and business model of energy storage in the power system are becoming increasingly clear. Currently, the mechanism for market-oriented development of energy storage in developed regions such as the United States and Europe has been basically established, and the reform of power systems in emerging markets is also accelerating. The conditions for the large-scale development of the energy storage industry have become mature. According to BNEF statistics, the global newly added energy storage installed capacity in 2021 was 10GW/22GWh, more than doubling from 2020. As of the end of 2021, the cumulative global energy storage installed capacity was approximately 27GW/56GWh. Considering that the global cumulative wind/photovoltaic installed capacity has reached 837/942GW by the end of 2021, it is estimated that the proportion of energy storage in the global wind/photovoltaic installed capacity is only 1.5%.
On the basis of rapid growth in 2021, the global energy storage industry continued to maintain a high level of prosperity in 2022, but the increase came more from household energy storage (especially in the European region), and the continuously soaring household electricity prices were the most core driving factor. Against the backdrop of high upstream raw material prices, the demand for large-scale energy storage markets, which are more cost sensitive, has been suppressed to a certain extent in 2022.
According to the Energy Storage Application Branch (CESA) of the China Chemical and Physical Power Industry Association, the total installed capacity of electrochemical energy storage projects connected to the grid and put into operation in China in the first half of 2022 is approximately 0.39GW/0.92GWh. But from the recruitment
