[GF Electric New Energy] New-Type Energy Storage Price Mechanism Expected to Break Through, Pay Attention to Reversal Opportunities Under Extremely Low Expectations 20260728

English summary

Pay attention to two recent events: 1. According to People's Financial News on July 27, on July 23, the National Development and Reform Commission's Price, Cost and Certification Center held a discussion with the National New-Type Energy Storage Innovation Center. The two sides conducted in-depth exchanges on issues such as the cost and revenue of #grid-side independent new-type energy storage power stations. 2. On July 10, Study Times published an article on the front page by Qian Zhaoyang, Chairman of China Southern Power Grid, titled 'Supporting the Construction of an Energy Powerhouse with a New-Type Power Grid.' It clearly proposed #'developing super-scenarios for the large grid and building a giant new-type energy storage system.' Currently, the market is extremely pessimistic about domestic new-type energy storage growth, expecting grid connections of 190 GWh / 250 GWh (+30% or so) / no growth or even negative growth in 2026-28. We believe: 1. In 25Q4, when the market overestimated energy storage demand, we calculated based on domestic grid peak-shaving demand that the average annual new addition during the 15th Five-Year Plan period is 300-400 GWh, and we maintain this judgment. ...