[SMM Analysis] Weekly Price Trend Analysis of ESS DC-Side Battery Cabin, 1.10-1.16

This week, the prices of DC-side battery cabins remained stable overall. Specifically, the average price of 5MWh battery cabins was 0.435 yuan/Wh, unchanged MoM; the average prices of 3.42MWh and 3.77MWh battery cabins were both 0.438 yuan/Wh, down 0.45% WoW. Last week, the winning bid results of several large-scale centralised procurement projects were announced, with all winning bid prices significantly lower compared to 2024 prices.

Firstly, the 2025-2026 energy storage concentrated procurement winning candidates of CNNC Huineng and Xinhua Hydropower were announced, with a total energy storage system procurement capacity of 12GWh, including 2h (0.5C-rate) and 4h (0.25C-rate) solutions, without distinguishing between air cooling and liquid cooling, applicable to shared or supporting energy storage. A total of 65 companies participated in the bidding, with bid prices ranging from 0.42-0.53 yuan/Wh and an average bid price of 0.466 yuan/Wh. On January 14, CGN New Energy announced the winning candidates for its 2025 energy storage system framework procurement. This procurement was divided into seven sections, each with 1.5GWh, totaling 10.5GWh, covering all C-rates. Sections 1-3 were grid-forming, while sections 4-7 were grid-following. Haibo Sichuang, NARI Relays, and CRRC Zhuzhou Institute preliminarily won sections 1-3 with bid prices of 0.533 yuan/Wh, 0.558 yuan/Wh, and 0.519 yuan/Wh, respectively. Jinpan Technology, Konka Smart Energy, BYD, and Kelu Electronics preliminarily won sections 4-7 with bid prices of 0.463 yuan/Wh, 0.481 yuan/Wh, 0.469 yuan/Wh, and 0.474 yuan/Wh, respectively. Compared to previous grid-forming projects, where prices often exceeded 0.6 yuan/Wh, the prices for this grid-forming project have also seen a significant decline. The previous lowest winning bid price for grid-following 0.5C energy storage projects was 0.481 yuan/Wh, and this round of bidding has further set a new record low. Looking ahead, the system prices of large-scale energy storage projects may continue to decline, posing ongoing challenges to the innovation and cost control capabilities of energy storage enterprises.

SMM New Energy Industry Research Department

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760

Boling Chen 021-51666836