NEA: Installed Capacity of New Energy Storage in China Reaches 8.7 Million Kilowatts in 2022, up 110% from 2021

According to the National Energy Administration (NEA), by the end of 2022, the installed capacity of new energy storage projects that have been put into operation across the country has reached 8.7 million kilowatts, and the average energy storage time is about 2.1 hours, an increase of more than 110% compared to the end of 2021. As of the end of 2022, the top five provinces with cumulative installed capacity are: Shandong with 1.55 million kilowatts, Ningxia with 900,000 kilowatts, Guangdong with 710,000 kilowatts, Hunan with 630,000 kilowatts, and Inner Mongolia with 590,000 kilowatts. The top five provinces with new installed capacity in 2022 are: Ningxia with 890,000 kilowatts, Shandong with 890,000 kilowatts, Hubei with 530,000 kilowatts, Hunan with 500,000 kilowatts, and Inner Mongolia with 330,000 kilowatts. The current energy storage market is still highly dependent on the macro policies. In recent years, domestic mandatory storage and electricity price adjustments and other supportive policies have been frequently issued, binding wind power and photovoltaics, and clarifying profit models to promote market demand and drive the installed capacity.