BEIJING - Rows of what look like thin, white shipping containers are lined up on a barren dirt field in China's Shandong province.
Investment in grid-connected batteries in China surged 364% last year to 75 billion yuan , according to Carbon Brief, creating by far the world's largest storage fleet at 35.3 GW as of March. However, highly regulated power markets have struggled to incentivise usage, particularly at solar and wind facilities, leading China's cabinet to call for research into improving price mechanisms.Energy storage at renewables plants operated just 2.18 hours a day last year, while independent facilities operated only 2.61 hours per day, according to the China Electricity Council. By comparison, storage at industrial and commercial plants operated 14.25 hours per day.
Falling battery prices are improving the economics of storage in China, with costs for batteries used in standard energy storage down by about a fifth between the end of 2023 and mid-June, according to consultancy Shanghai Metals Market. Further market reform is needed to incentivise battery storage, industry players say, with storage operators calling for wider use of capacity payments similar to those meant to keep struggling coal plants online, with costs shouldered by customers.The vast new Shandong plant incorporates both lithium ion and vanadium redox flow batteries, according to a report by local state media. Vanadium is a newer technology that promises longer storage times and improved safety.
Dangerous feral hogs that destroy lawns and eat plastic are growing across the US, and states can't kill them fast enough
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »