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.
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.
Their growing use helps stabilize power grids, prevent outages, and reduce reliance on fossil fuels. This project is Tesla’s first large-scale energy storage installation in China, complementing its existing automotive manufacturing presence in the city through Giga Shanghai.
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.
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This information was prepared as an account of work sponsored by an agency of the U.S. Government. Neither the U.S. Government nor any agency thereof, nor any of their …
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