New Energy Storage Growth Point in 14th FYP: Electrochemical Batteries and Consumption
Source: Mysteel
Mar 22, 2023 16:22
SUMMARY
- The major growth driver of new-type energy storage encouraged by the policymakers will be renewables-plus-storage application in the decentralized generation and power consumption. Energy Storage on the powergen-side has received the most attention from policymakers and is expected to develop robustly during the 14th FYP period (2021-2025).
- The policymakers encourage more diversified investors to be involved in energy storage projects on the power user side, but the current development stage still sees a bottleneck in commercial return.
- The mainstream technical application of new-type energy storage in the short-and mid- term is electrochemical energy storage (batteries), for which the Roadmap sets a target of a 30% cost reduction. It is likely to see a commercially promising new page of energy storage with the deepening of the power market reform and the maturity of the power trading.
- The lithium-ion battery has the highest maturity and scale-up potential as a subsector of batteries. Lithium-ion batteries will grow rapidly in decentralized energy storage as costs are expected to fall. Lithium iron phosphate (LiFePO4) battery is considered the most predominant technology path.
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Written by the GL Consulting team (Mysteel's consultancy arm on energy transition): glconsulting@mysteel.com
Edited by Navy Liu: liuchuanjun@mysteel.com
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