The CITIC Construction Investment Research Report points out that since 2026, the pace of large-scale domestic storage and installation has been slow, and the actual implementation of the project falls short of expectations, which clearly deviates from the tender data. CITIC Construction Investment believes that the core reason is that the price gap between peaks and valleys in the northwest region has narrowed since this year. The reasons include falling load growth, energy storage peak and valley arbitrage, and the large number of new wind power installations to suppress peak electricity prices in the evening. Since this year, rising system operating costs, slow implementation of capacity electricity prices in various provinces, increases in lithium carbonate prices, and delays in grid-connected approval have also affected the operating economy of energy storage, thus slowing down the actual implementation progress of the project. In summary, CITIC Construction Investment reduced domestic storage capacity to 230 to 250 GWh in 2026, an increase of about 21% to 32%. Looking ahead to 2027, it is expected that domestic energy storage will still have momentum and potential for growth in 2027 as the price of lithium carbonate is reduced, demand growth in regions such as North China, Northeast China, and South China, and new scenarios such as computing power collaboration.

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