CITIC Construction Investment: The core logic of energy storage growth is the resonance of increased penetration of renewable energy and the decline in energy storage system costs

CITIC Construction Investment Research Report points out that the core logic of energy storage growth is the resonance between the increase in new energy penetration and the decrease in energy storage system costs. Currently, the domestic energy storage market demand is strong, with robust lithium battery production, and there are signs of price increases for energy storage batteries; after May 31, the off-season is not dull, and project bidding has seen significant growth. The reasons can be divided into two points: first, multiple provinces have introduced policies such as capacity compensation and capacity leasing to enhance the certainty of energy storage project returns; second, under the background of new energy entering the market comprehensively, the price difference between peak and valley has widened. Currently, provinces like Shandong have a high degree of marketization, and the economic viability of energy storage power stations is good; in Inner Mongolia, power restrictions are relatively severe, and there is significant room for improvement in the energy storage ratio. Overseas, demand is good in Europe, Australia, Latin America, and Southeast Asia