Event: Recently, the national development and Reform Commission and the Energy Administration jointly issued the implementation plan for the development of new energy storage in the 14th five year plan, which clearly puts forward that by 2025, the new energy storage will enter the stage of large-scale development from the initial stage of commercialization, in which the cost of electrochemical energy storage system will be reduced by more than 30%; By 2030, realize the comprehensive market-oriented development of new energy storage and basically meet the needs of building a new power system. Based on the guiding opinions on accelerating the development of new energy storage launched in 21 years, this scheme further defines the development objectives and refines the key tasks. Under the national top-level design, the local layer area is extremely promoted, which is expected to accelerate the large-scale application of China’s new energy storage and improve the construction of China’s new power system.
In Article 4 of the implementation plan, it is specifically pointed out to develop new energy storage at the power grid side according to local conditions, reasonably arrange new energy storage at key power grid nodes such as intensive load access, large-scale new energy collection and difficulty in frequency modulation and peak shaving, and give full play to various functions such as peak shaving, frequency modulation and standby, so as to improve the safe and stable operation level of the power grid. In addition, Article 5 also points out the need to improve the market-oriented mechanism and speed up the market-oriented construction of new energy storage. While actively promoting the participation of energy storage as an independent subject in various power markets by accelerating the construction progress of medium and long-term power trading, power spot and auxiliary service market, actively promote the participation of new energy storage in auxiliary services in various forms such as independent power plants and virtual power plants, and optimize the compensation mechanism of “pay for effect” power auxiliary services according to local conditions.
As an important equipment foundation and key supporting technology for building China’s new power system and promoting the green and low-carbon transformation of energy, new energy storage is an important support for achieving the goals of carbon peak and carbon neutralization. National policies continue to scale up the application of new energy storage, actively promote China’s power marketization mechanism and improve the energy storage business model. In this context, China’s auxiliary market is gradually constructed from “None” to “have” and from “plan” to “market”. At present, China has issued the auxiliary service management policy based on the “two detailed rules”, which defines the market subjects and service varieties, and improves the new user sharing mechanism of “who benefits and who bears”. At the same time, the implementation plan also defines the policy of accelerating the marketization of new energy storage and actively promoting the marketization of power auxiliary services. According to the statistics of China Energy Administration, at this stage, the cost of auxiliary services including peak shaving accounts for about 1.5% of the total electricity cost of the whole society. According to international experience, the cost of power auxiliary services is generally more than 3% of the total electricity cost of the whole society. It is expected that the scale of China’s auxiliary market will reach 41.6 billion yuan, 54.6 billion yuan and 68.8 billion yuan respectively in 2021, 2022 and 2023.
Zhejiang Wanliyang Co.Ltd(002434) as a pioneer in participating in the auxiliary market with a new energy storage subject, it has been deeply engaged in the flexible power regulation business for many years and has significant first mover advantages in terms of geographical location and customer resource accumulation. The company has successively put into operation several power generation side energy storage power stations in Guangdong, Gansu and other provinces, and all of them are the first projects in local regions; At the same time, relying on the self-developed power market panoramic simulation decision-making system, the integration of new energy storage system and market operation integration platform, the reliable control and revenue maximization of new energy storage system can be realized through “intelligent economic optimal dispatching engine” and “cloud edge collaborative control technology”. The company has put into operation four power generation side energy storage power stations in Guangdong, Gansu and other provinces, with a total installed capacity of about 40mW and rich operation experience; Meanwhile, the total installed capacity of the energy storage power station to be invested and constructed under the signed agreement is about 1GW. With the advantages of first mover and technology, in the power system, the company can effectively and efficiently operate in terms of power price prediction, power market transaction, operation strategy optimization, power grid frequency and peak shaving and power grid stability control, and finally form a Trinity and form a three-dimensional comprehensive competitive advantage.
Risk warning: risk of supply and price fluctuation of main raw materials and spare parts; Market competition risk; The risk of further spread of the epidemic; The risk of customer concentration and the risk of orders falling short of expectations.
