[SMM Analysis] China Achieves New Energy Storage Installation Goals Ahead of Schedule; Several Provinces Increase Plans for the 14th Five-Year Plan Period

SMM news on March 29: According to data from the National Energy Administration, by the end of 2023, China has built and put into operation new energy storage projects with a cumulative installed capacity reaching 31.39 million kilowatts (31.39 GW)/66.87 million kilowatt-hours (66.87 GWh), thus already achieving the national target set in 2021 of having an installed capacity of more than 30 million kilowatts (30 GW) of new energy storage by 2025 ahead of schedule.

Up to now, many provinces have successively raised their installed capacity targets for new energy storage during the "14th Five-Year Plan" period, with a total increase reaching 10.8 GW. Among the five provinces of Inner Mongolia, Henan, Guangdong, Hubei, and Guangxi, Inner Mongolia has increased its energy storage installation plan from 5 GW to 9 GW for the "14th Five-Year Plan" period, surpassing Qinghai, Gansu, Shanxi to become the top in the country for new energy storage installation planning; Henan has also increased from 2.2 GW to 6 GW, matching with Qinghai, Gansu, and Shanxi. In addition, the installation targets for Guangdong, Hubei, and Guangxi have all been raised from 2 GW to 3 GW.