On June 17, China Huadian Corporation opened bids for the first batch of LFP battery electrochemical energy storage system framework procurement in 2024.
This tender involves the procurement of approximately 5.1GWh of LFP battery energy storage systems, divided into two sections: Section 1 is for the procurement of 0.5C and 0.25C energy storage systems, each with a capacity of 2.5GWh, with a requirement for battery cell capacity of ≥280Ah. Section 2 is for the procurement of 1C energy storage systems with a capacity of 0.1GWh, with a requirement for battery cell capacity of ≥90Ah.
The information shows that Section 1 attracted 73 companies, with an average quote of 0.598 yuan/Wh, the lowest quote at 0.495 yuan/Wh, and the highest quote at 1.335 yuan/Wh.
Section 2 attracted 35 companies, with an average quote of 0.968 yuan/Wh, the lowest quote at 0.795 yuan/Wh, and the highest quote at 1.361 yuan/Wh.
SMM learned that on April 29, a photovoltaic energy storage project in Dunhuang, Gansu, opened bids for 22.5MW/90MWh energy storage system equipment procurement, with the lowest quote at approximately 0.54 yuan/Wh, breaking the early March bid price of 0.564 yuan/Wh, which was the lowest quote in the energy storage industry at that time. However, the 0.495 yuan/Wh quote in this China Huadian Corporation tender further dropped below 0.5 yuan/Wh, setting a new record for the lowest quote for energy storage systems. Since the beginning of 2023, the continuous decline in the bid prices for energy storage systems and EPC has sent chills through the industry: What is the bottom line for energy storage system prices?
According to SMM, SMM battery-grade lithium carbonate index was 97,486 yuan/mt on June 17, down 12.11% from 110,924 yuan/mt on April 17 or a decrease of 13,438 yuan/mt. The decline in lithium carbonate prices at the raw material end has made it difficult to provide stable support for energy storage battery cell prices, leading to a continuous decline in energy storage battery cell prices. SMM data shows that the lowest quote for 280Ah battery cells recently was 0.31 yuan/Wh, which has already touched or even exceeded the cost line for some companies or new production lines, intensifying industry competition. As the capacity of energy storage battery cells gradually transitions from 280Ah to 314Ah, there is further room for battery cost reduction. In the context of increasingly fierce market competition, it is expected that the price center of energy storage systems will slightly decline in the future, accompanied by a certain degree of capacity clearance.
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