China Central Television News reported that in order to improve the regulation capacity of power grids in East and central China and promote the development of renewable energy. On March 17, the construction of two pumped storage power stations of State Grid Zhejiang Taishun and Jiangxi Fengxin started at the same time.
The two pumped storage power stations started by the State Grid at the same time are located in Taishun County, Wenzhou City, Zhejiang Province and Fengxin County, Yichun City, Jiangxi Province. The installed capacity of the two power stations has reached 1.2 million KW and the total investment is 14.773 billion yuan. It is expected that after completion and operation in 2030, the annual power generation will reach 2.4 billion kWh and the annual pumped power will reach 3.2 billion kwh, which can reduce 220000 tons of raw coal consumption and 450000 tons of carbon dioxide emission every year.
Pumped storage is the most mature energy storage method with the most mature technology, the best economy and the most large-scale development conditions at present. Using the height difference between the two reservoirs on the mountain and under the mountain, when the power consumption is low, the water under the mountain is pumped to the mountain for storage with surplus electricity. When the power consumption is peak, the water is released for power generation. It is known as the stabilizer of power grid security, the regulator of power dispatching and the memory of new energy power.
Everbright Securities Company Limited(601788) pointed out that under the background of “double carbon”, the installed capacity of new energy will increase rapidly. In the power system with high proportion of new energy, energy storage technology is urgently needed in the power system. This technology can store energy through devices or physical media for future use, which can realize the role of “peak cutting and valley filling”, solve the problem of instability of new energy power generation and reduce the loss of “wind and light abandonment”, Maintain the stable operation of power grid.
On September 17, 2021, the National Energy Administration officially issued the medium and long-term development plan for pumped storage (20212035). The plan pointed out that the construction of pumped storage power station was approved in the key implementation project library of the plan in accordance with the principle of nuclear energy and open energy. By 2025, the total scale of pumped storage operation will double that of the 13th five year plan, reaching more than 62gw; By 2030, the total scale of pumped storage put into operation will double that of the 14th five year plan to about 120gw. The expansion target explicitly mentioned in the plan will provide certainty for the future growth of pumped storage industry. Focus on recommending enterprises related to power construction Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China energy construction, and be optimistic that the two enterprises will benefit from the continuous release of construction demand in the field of pumped storage and energy storage.
