Event: implementation plan for power purchase by power grid enterprises in Guangdong Province (for Trial Implementation) Release: it is pointed out that the electricity price of agent power purchase users is composed of average on grid price, auxiliary service cost, transmission and distribution price, government funds and surcharges; It is clear that the auxiliary service costs mainly include the costs of energy storage and pumped storage power stations and demand side response. The relevant costs are shared by all industrial and commercial users. The costs of energy storage and pumped storage power stations are determined according to the actual monthly costs of power grid enterprises.
The energy storage cost began to transfer to the user side, and the energy storage business model gradually became available. The allocation of energy storage cost is the core issue in the current power grid side energy storage construction. The scheme of Guangdong Province transmits the energy storage cost to the downstream user side for the first time. In the opinions on further improving the price formation mechanism of pumped storage issued by the national development and Reform Commission in May 2021, it is pointed out that we should adhere to the two-part electricity price policy as the main body, further improve the price formation mechanism of pumped storage, form electricity price in a competitive way, and incorporate the capacity electricity price into the transmission and distribution electricity price for recovery; The capacity electricity price reflects the value of the pumped storage power station in providing auxiliary services such as frequency regulation, voltage regulation, system standby and black start. The pumped storage power station recovers other costs other than the pumping operation cost through the capacity electricity price and obtains reasonable income. The operation period of pumped storage power station is verified as 40 years, and the internal rate of return of capital during the operation period is verified as 6.5%. This time, Guangdong Province has made clear the problem of cost verification and the main body to bear: the expenses of energy storage and pumped storage power stations are determined according to the amount of actual monthly costs incurred by power grid enterprises; Relevant expenses shall be shared by all industrial and commercial users. Further rationalized the business model of energy storage and pumping storage.
At the level of electrochemical energy storage, the guidance on accelerating the development of new energy storage was issued in July 2021, which proposed that the installed capacity of new energy storage will reach 30GW by 2025. The release of the scheme of Guangdong Province will help to ensure the rapid development of electrochemical energy storage industry. At the pumping and storage level, in March 2021, the State Grid announced that it would open its proposed pumped storage project to the public, "social capital can be controlled"; In September 2021, the medium and long term development plan for pumped storage (2021-2035) was released, which proposed that the total scale of pumped storage will reach 120 million KW by 2030. The release of the plan of Guangdong Province is conducive to attracting social capital into the pumping and storage industry and accelerating the development of the pumping and storage industry.
Previously, Zhejiang and Ningxia issued relevant policies to enhance the enthusiasm of new energy storage construction through subsidies. On November 3, Zhejiang issued the implementation opinions on accelerating the demonstration application of new energy storage in Zhejiang Province to strengthen financial support: during the transition period, For the peak shaving project (the annual utilization hours shall not be less than 600 hours), the capacity compensation shall be given, the compensation standard shall decline year by year, and the subsidy period is tentatively scheduled for 3 years (200 yuan, 180 yuan and 170 yuan / kW · year); on November 17, Ningxia issued the notice on carrying out the pilot work of new energy storage projects (Exposure Draft) , encourage enterprises' investment enthusiasm: in 2022 / 2023, the compensation price of 0.8 yuan / kWh peak shaving service for energy storage pilot projects in the autonomous region will be given, and the number of full charge and discharge calls shall not be less than 300 times a year.
Increasing the scale of renewable energy grid connection is becoming more and more important and urgent, and the improvement of energy storage scale is the top priority. At present, all parties are exploring appropriate ways to accelerate the construction of energy storage. In the future, we need to continue to pay attention to the response methods related to power grid enterprises in various provinces.
Investment suggestion: with the gradual rationalization of the energy storage business model, China's energy storage industry is expected to accelerate its development. New energy storage field: Huawei's energy storage system benefits most from the development of China's energy storage field. It recommends Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) , and pays attention to Sunwoda Electronic Co.Ltd(300207) ; Ningde energy storage system, recommended Contemporary Amperex Technology Co.Limited(300750) , Fujian Nebula Electronics.Ltd(300648) ; In the field of PCs, Sungrow Power Supply Co.Ltd(300274) is recommended and Ningbo Deye Technology Co.Ltd(605117) is concerned; Industrial and commercial energy storage, recommended Shenzhen Sinexcel Electric Co.Ltd(300693) ; Super capacitor direction, recommended Sieyuan Electric Co.Ltd(002028) . Pumped storage field: Construction and operation direction, focusing on Yunnan Wenshan Electric Power Co.Ltd(600995) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) ; Equipment direction, focus on Dongfang Electric Corporation Limited(600875) (a + H), Harbin Electric (H), Zhefu Holding Group Co.Ltd(002266) .
Risk analysis: the cost reduction of energy storage is less than expected; The transmission of energy storage cost is less than expected; The investment is less than expected; Adverse changes in industrial policies.
