Is China entering a new era of energy storage demand?
Mainland China accounts for most of the global energy storage demand, driven in the near term by regional requirements for new utility-scale wind and solar projects to include energy storage capacity. However, the Chinese market is entering an era of change.
Who makes battery chemistry?
Most major battery makers, such as Contemporary Amperex Technology Co. Ltd. (CATL), BYD, EVE Energy, CALB and Hithium, develop products specifically for the energy storage market, driving a continued deviation from the electric-vehicle chemistry mix, which features a larger proportion of nickel-based lithium-ion battery chemistries.
What drives energy storage project development?
Globally, energy storage project development is increasingly driven by the utility-scale segment, with mandates and targeted auctions driving gigawatt-hour projects in markets like China, Saudi Arabia, South Africa, Australia and Chile.
Should energy storage be removed from energy grid connection?
For energy storage, the new Chinese policy emphasized the need to remove energy storage as a prerequisite for renewable energy project grid connection, a requirement that has been a major driver for battery build. Nonetheless, BNEF still expects strong demand for batteries, as the policy doesn’t explicitly require mandates to stop.
Does BNEF still expect a strong demand for batteries?
Nonetheless, BNEF still expects strong demand for batteries, as the policy doesn’t explicitly require mandates to stop. Since the policy announcement, some provinces across China have continued to announce mandates stipulating that new solar and wind projects must be paired with batteries.
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