The so-called energy storage is simply the process of storing energy and releasing it when needed. Since common green power (such as wind power and photovoltaics) is intermittent, there are huge peak and valley differences between day and night, and between different seasons. Therefore, through energy storage, "peak shaving and valley filling" can greatly improve the utilization rate of power generation equipment. 

From the perspective of the industrial chain, the upstream of the energy storage industry chain mainly includes battery raw materials, production equipment suppliers, etc.; the midstream mainly includes suppliers of batteries, battery management systems, energy management systems, and energy storage converters; and the downstream mainly includes energy storage system integration. dealers, installers and end users.

It is worth noting that due to problems such as high costs and uncertain profit models in the energy storage industry, few power generation companies were willing to proactively deploy energy storage. But since last year, the energy storage industry has seen many positive factors.

The first is the rapid decline in the cost of lithium battery energy storage. Since the beginning of this year, as the new energy vehicle industry has come under pressure, the price of battery-grade lithium carbonate has begun to plummet. The market price once fell below 180,000 yuan/ton, a drop of more than 60% from the beginning of the year. This has significantly improved the economics of energy storage technology.

Secondly, the proportion of renewable energy continues to increase globally, and energy storage is needed at the grid level to improve consumption and grid stability. In recent years, wind power and photovoltaic installed capacity have grown rapidly in most provinces in the western region, and a number of renewable energy power generation parks and supporting industrial bases have emerged in response to the situation. These have provided a broad foundation for the development of the energy storage industry in the western region.

Finally, the electricity market reform continues to advance. Energy storage technology has great application value and bright market prospects in promoting the grid connection and on-site consumption of renewable energy. However, the limitations of supporting applications of energy storage and renewable energy are still quite prominent. The diversity of system benefits and investment value are still difficult to fully realize, and many problems are still faced. In the market-oriented reform of electricity, energy storage systems can make profits through market demand, and with the continuous improvement and improvement of the electricity market mechanism, this will become the main platform for the energy storage industry to make profits.

At present, signs of high prosperity in the energy storage industry have initially emerged. According to energy storage and power market statistics, a total of 94 domestic energy storage projects have made actual progress in the first quarter of 2023, entering the grid connection/commissioning, under construction, completion of EPC/energy storage equipment procurement and other implementation stages, with a total scale of 14.64 GWh, of which grid-connected projects reached 2.4GWh, which is the largest quarter for grid-connection/commissioning in recent years.

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