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1、一文读懂氢能产业|氢能产业链梳理0 0May Energy Storage Technologies Empower Energy Transition(synopsis)New Energy Storage Technologies Empower Energy Transition1 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)par
2、tnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Stepping up efforts to develop new energy
3、 storage technologies is critical in driving renewable energy adoption,achieving Chinas 30/60 carbon goals,and establishing a new power system.In January 2022,the National Development and Reform Commission and the National Energy Administration jointly issued the Implementation Plan for the Developm
4、ent of New Energy Storage during the 14th Five-Year Plan Period,emphasizing the fundamental role of new energy storage technologies in a new power system.The Plan states that these technologies are key to Chinas carbon goals and will prove a catalyst for new business models in the domestic energy se
5、ctor.They are also strategically important for international competition.KPMG China and the Electric Transportation&Energy Storage Association of the China Electricity Council(CEC)released the New Energy Storage Technologies Empower Energy Transition report at the 2023 China International Energy Sto
6、rage Conference.The report builds on the energy storage-related data released by the CEC for 2022.Based on a brief analysis of the global and Chinese energy storage markets in terms of size and future development,the publication delves into the relevant business models and cases of new energy storag
7、e technologies(including electrochemical)for generators,grids and consumers.It also takes a closer look at the steps taken by industry players to build their presence and investments and fund-raising outcomes.The report concludes with a look into the future,focusing on the opportunities and challeng
8、es for industry players on the road ahead.The English version of the report is an abbreviated synopsis of the Chinese report that was released in March 2023.2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a M
9、acau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.ForewordNew Energy Storage Te
10、chnologies Empower Energy Transition2 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independe
11、nt member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.1.Electrochemical and other energy storage technologies have grown rapidly in ChinaGlobal wind and solar power are projected to account for 72%of re
12、newable energy generation by 2050,nearly doubling their 2020 share.However,renewable energy sources,such as wind and solar,are liable to intermittency and instability.This will be a driving force for the global energy storage market(Figure 1).Power generation forecast for different energy sources wo
13、rldwide,1000TWh Fig.303540452020202520302035204020452050Liquid fuelsNatural gasCoalNuclearRenewables(incl.hydroelectric)Source:EIA,Statista,KPMG analysisNew Energy Storage Technologies Empower Energy Transition3 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(Ch
14、ina)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All right
15、s reserved.Printed in Mainland China.Energy Storage TechnologiesElectricalThermalHydrogen(ammonia)Heat storageCold storageEnergy storage using PCMs and chemical materialsMechanicalLi-ionLead accumulatorSodium-sulphur batteryPumped storageCompressed air energy storageFlywheel energy storageSupercondu
16、cting magnetic energy storageSupercapacitorElectromagneticElectrochemicalDepending on how energy is stored,storage technologies can be broadly divided into the following three categories:thermal,electrical and hydrogen(ammonia).The electrical category is further divided into electrochemical,mechanic
17、al and electromagnetic(Figure 2).Though pumped storage is predominant in energy storage projects,a range of new storage technologies,such as electrochemical,are rapidly gaining momentum.Energy storage technologiesFig.2Source:KPMG analysisBased on CNESAs projections,the global installed capacity of e
18、lectrochemical energy storage will reach 1138.9GWh by 2027,with a CAGR of 61%between 2021 and 2027,which is twice as high as that of the energy storage industry as a whole(Figure 3).New Energy Storage Technologies Empower Energy Transition4 2023 KPMG HuazhenLLP,a Peoples Republic of China partnershi
19、p,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by g
20、uarantee.All rights reserved.Printed in Mainland China.Global installed electrochemical energy storage capacity,GWhFig.3Source:CNESA,KPMG analysis*Projections7.019.030.264.297.0185.7284.3435.2744.41,138.902004006008001,0001,200200212022*2023*2024*2025*2026*2027*In terms of developments in
21、 China,19 members of the National Power Safety Production Committee operated a total of 472 electrochemical storage stations as of the end of 2022,with a total stored energy of 14.1GWh,a year-on-year increase of 127%.In 2022,194 electrochemical storage stations were put into operation,with a total s
22、tored energy of 7.9GWh.These accounted for 60.2%of the total energy stored by stations in operation,a year-on-year increase of 176%(Figure 4).Installed electrochemical energy storage capacity in China,MWhFig.4Source:China Electricity Council,KPMG analysis475571,9342,8487,85722823925926031
23、18581,4153,3496,19714,05402,0004,0006,0008,00010,00012,00014,00016,0002000022IncreaseTotalNew Energy Storage Technologies Empower Energy Transition5 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company i
24、n Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.From
25、 an international perspective,the IEA estimates that China will have the highest installed electrochemical energy storage capacity by 2026,accounting for 22%of the global total.By then,China will be on a par with Europe and outstrip the US by 7 percentage points(Figure 5).Projected total installed c
26、apacity of electrochemical energy storage in various countries and regionsFig.5Source:IEA,KPMG analysis20%22%0%20%28%15%21%25%26%13%4%6%0%20%40%60%80%100%20202026ChinaIndiaUnited StatesEuropeRest of Asia PacificRest of the worldNew Energy Storage Technologies Empower Energy Transition6 2023 KPMG Hua
27、zhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International
28、Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.2.Energy storage can have a major impact on generators,grids and end usersWhen it comes to energy storage,there are specific application scenarios for generators,grids and consumers.Generators can us
29、e it to match production with consumption to ease pressure on grids.Storage technologies can help grids reduce or defer spending on equipment,alleviate congestion and enable auxiliary services such as peak shaving and frequency regulation for power systems.Consumers can use them for peak load shifti
30、ng purposes and for generating electricity using photovoltaics for their own consumption to reduce electricity bills(Figure 6).The value of energy storage for different stakeholdersFig.6Source:KPMG analysis Peak load shiftingAuxiliary servicesCapacity supportTransmission assetsStore excess power gen
31、eratedSmooth output fluctuationsProvide reliable capacity supportRelieve peak pressureImproving grid reliability and power qualityEnsure capacity adequacyRelieve congestion and defer spending on power transmission and distributionUse off-peak electricity to save costsImprove power stabilityReduce ov
32、erall capacity requirementsGeneratorsGridsConsumersNew Energy Storage Technologies Empower Energy Transition7 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)p
33、artnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.According to data from the China Electricity Council,the cumulative installe
34、d capacity of electrochemical storage stations that were operational in China as at the end of 2022 is mainly through generators,with total energy of 6.8GWh.These accounted for 48%of the cumulative installed capacity of electrochemical storage stations,followed by grids(39%)and consumers(13%).In ter
35、ms of segments,generators focus on new energy distribution and storage(81%),grids on independent energy storage(89%),and consumers on industrial and commercial applications(42%)(Figure 7).Electrochemical energy storage application scenarios in China in 2022Fig.7Source:China Electricity Council,KPMG
36、analysisGrids39%Consumers13%Generators48%Independent energy storage projects,89.3%Coordinated frequency regulation ESS,9.4%Others,9.8%Storage capacity for new energy projects,80.8%Others,7.9%Substations,2.8%Others,48.1%Industrial and commercial,41.8%Industrial parks,7.8%Battery charging stations for
37、 EVs,2.3%Government policies encourage adopting energy storage among generatorsFor generators in China market,electrochemical energy storage is mainly used for frequency regulation by thermal power generators and for energy storage by renewable power generators.The former application scenario has a
38、very limited market size,with generators mainly focusing on new energy distribution and storage in the application of electrochemical energy storage technologies.A range of factors,including high costs,lack of channels for revenue generation,and low efficiency,have held back new energy distribution
39、and storage projects among generators.Development in this segment is mainly driven by government policies.From a national perspective,the National Energy Administration issued the Notice on Encouraging Renewable Power Generation Enterprises to Build or Purchase Peak Shaving Capacity to Increase the
40、Scale of Renewable Energy Connected to Gridsin July 2021.It is proposed that“in order to encourage power generation enterprises to participate in the construction of peak shaving resources in a market-oriented manner,they should build peak shaving capacity for power generated in excess of the scale
41、that grid companies guarantee to be connected to grids,at 15%of the power ratio.When it comes to connection to grids,priority will be given to companies that build such capacity at 20%of the power ratio.”New Energy Storage Technologies Empower Energy Transition8 2023 KPMG HuazhenLLP,a Peoples Republ
42、ic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private Englis
43、h company limited by guarantee.All rights reserved.Printed in Mainland China.From a local perspective,most provinces and municipalities require new energy projects to be equipped with an energy storage capacity based on a certain power ratio,and some even subsidise energy storage projects.According
44、to a survey by the China Electricity Council,new energy distribution and storage projects have a low equivalent utilisation co-efficient of 6.1%,the lowest among the application scenarios,while the average for electrochemical energy storage projects is 12.2%(Figure 8).Required renewable energy stora
45、ge capacity in provinces and municipalitiesFig.8Provinces(provincial-level municipalities)Storage capacity as a percentage of power ratio Duration(hours)WindSolarTianjin15%10%-Hunan15%5%2Guangxi20%15%2Fujian-10%-Hainan-10%1Hubei10%10%2Shandong10%10%2Qinghai10%10%2Ningxia10%10%2Shanghai20%-4Jiangxi-1
46、0%1Inner Mongolia15%15%2 or 4Liaoning15%10%3Anhui10%10%1Shanxi10%10-15%-Shaanxi10-20%10-20%2Jiangsu-8-10%2Hubei10-15%10-15%2Henan10-20%10-20%2Gansu5-10%5-10%2Zhejiang10-20%10-20%2Hainan-20-25%2Xinjiang-15-20%-Source:Compilation based on provincial government and energy bureau policies,KPMG analysisN
47、ote:Based on renewable energy distribution and storage policies as of October 2022.New Energy Storage Technologies Empower Energy Transition9 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partne
48、rship,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Business models of energy storage for power
49、grids still needs to be improvedIn terms of investment and operation,power grid enterprises lack the motivation to invest in energy storage projects as there are settlement problems for non-independent energy storage projects.In 2019,the National Development and Reform Commission required the cost o
50、f energy storage facilities to not be included in the pricing of power transmission and distribution.Moreover,the Big Two grid companies-State Grid Corporation of China and China Southern Power Grid Corporation-successively implemented strict control over grid-related investments.These measures have
51、 discouraged grid companies from building new energy storage capacity.The majority of the increased installed energy storage capacity after 2019 has been on the power supply side,with a few existing energy storage projects in operation being connected to grids.Energy storage projects that are capabl
52、e of being directly scheduled by grids,or that choose to settle costs with them,generally adopt a contract-based energy management model.Projects running under such a model are usually not independent entities that are able to perform functions,including measurement,scheduling,and settlement.They ca
53、n only participate in the electricity market indirectly through power grid enterprises,and,in some cases,grid owners may be in arrears with payments.In terms of revenue and pricing,the bottleneck lies in the power grid companies inability to pass costs on to consumers,and there is an urgent need for
54、 them to explore mechanisms for recovering capacity costs and develop the spot electricity market.For power grids,energy storage revenue mainly comes from compensation for auxiliary services such as peak shaving and frequency regulation.At least 19 provincial-level regions have defined standards for
55、 compensation for peak shaving and frequency regulation.In accordance with the Whoever Provides the Service Should Reap the Profits and Whoever Benefits from the Service Should Bear the Costs principle,the compensation for auxiliary services should be jointly borne by generators and consumers.Howeve
56、r,grids have difficulty in passing the costs of their auxiliary services onto consumers,which may somewhat hinder the development of this market.In developing energy storage,Chinese power grids need to explore mechanisms for recovering capacity costs while developing the spot electricity market,as t
57、heir foreign peers do,to improve the way costs are passed on and to expand revenue sources.New Energy Storage Technologies Empower Energy Transition10 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(S
58、AR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Independent energy storage stations
59、 are a rising trend among generators and gridsIndependent energy storage stations are a future trend among generators and grids in developing energy storage projects.They can be monitored and scheduled by power grids when connected to automated scheduling systems and meet the relevant standards,regu
60、lations and requirements applicable to power market entities.Channels available for independent energy storage stations to generate revenue include participating in the spot electricity(i.e.to arbitrage price differences)and capacity markets,leasing out their capacity,and providing auxiliary service
61、s(Figure 9).As different rules prevail in regional markets and energy storage projects are run in different ways,entities that operate energy storage projects,in most cases,are unable to monopolise the revenue from all channels and need be content with the income generated from one or two of them.Ne
62、w Energy Storage Technologies Empower Energy Transition11 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organ
63、isation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Independent energy storage stations can meet the needs for energy storage by generators and for peak shaving and frequency regul
64、ation by power grids,expanding their channels for revenue generation and improving their economic potential.They will be an important direction for the development of energy storage stations in the future.As the market-oriented reform of the power sector is advanced in China,independent energy stora
65、ge stations will have an increased chance to participate in the spot electricity market,while the auxiliary service market is also opening up for them.In the future,they can expand their revenue sources and promote the development of the independent energy storage market by participating in power-re
66、lated auxiliary services,such as peak shaving and frequency regulation,and leasing out their capacity.Revenue sources for independent energy storage stationsFig.9Source:KPMG analysisRevenue sourceDescriptionIncomeSpot power tradingIndependent energy storage stations purchase and sell electricity in
67、the spot market,and the corresponding charging volume is not subject to transmission and distribution costs,contributions to government funds,and surcharges.This helps generate income by arbitraging price differences.Capacity compensationThe capacity market is an important component of the power mar
68、ket system and is designed to ensure adequate long-term capacity across the power system.This enables generator units to generate stable income from a source beyond the electricity market and auxiliary service market.There is currently no nationwide capacity market in China.Some regions such as Shan
69、dong and Qinghai are piloting a capacity charge mechanism for energy storage stations.Capacity leasingIndependent energy storage stations lease capacity to wind power,PV,and other new energy stations.Capacity leasing is a stable source of income for owners of independent energy storage power station
70、s.The capacity leased can be seen as energy storage capacity built for new energy projects.Auxiliary servicesThis market includes peak shaving and frequency regulationThe compensation for peak shaving and frequency regulation varies among provinces,mainly based on the electricity consumed to charge
71、batteries for peak shaving purposes.New Energy Storage Technologies Empower Energy Transition12 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are
72、 member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Consumers play a key role in overseas energy storage markets,while industrial and commerci
73、al users arethe main driver in China Energy storage projects are mainly undertaken by consumers,including industrial and commercial consumers and household consumers.High electricity prices,reduced costs and policy support have boosted overseas consumer storage markets.In terms of residential electr
74、icity prices in 2021,households in European countries,such as Denmark,Germany and the UK,paid more than USD0.3 per kilowatt of electricity,which is twice as much as the price paid by households in the US and nearly thrice as much as that paid by residential consumers in China(Figure 10).In 2022,with
75、 skyrocketing natural gas prices as a result of an extreme summer drought in European countries and the Russia-Ukraine conflict,European electricity prices hit new highs.By combining PV panels and energy storage systems,residential consumers can generate more electricity for their own use as an insu
76、rance against rising prices.Average household electricity prices in major countries and regions in 2021,USD/KWhFig.10Source:Global Petroleum Prices,Statista,KPMG analysis0.390.340.330.320.290.240.220.220.160.080.000.050.100.150.200.250.300.350.400.45丹麦德国英国西班牙爱尔兰意大利 澳大利亚日本美国中国DenmarkGermanyUnitedKing
77、domSpainIrelandItalyAustraliaJapanUnitedStatesChinaNew Energy Storage Technologies Empower Energy Transition13 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)
78、partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Increasing PV penetration and decreasing installation costs contribute to a
79、 growing market.Europe and the US are highly urbanised with the bulk of the population living in detached homes ideally suited for installing PV panels.At the same time,countries have accelerated energy transition and are encouraging households to generate electricity using PV panels for their own u
80、se.In 2021,average installed solar PV capacity per household in the 27 EU countries reached 355.3 watts,an increase of 40%compared with 2019.In terms of penetration rate,residential installed solar PV capacity accounts for 66.5%,25.3%,34.4%and 29.5%of the national total photovoltaic installed capaci
81、ty in Australia,the US,Germany and Japan,respectively.With a penetration rate 10 times higher than that of China,these countries are well-positioned to develop residential energy storage.In addition,the price of lithium battery packs,a widely used equipment for residential energy storage and the big
82、gest cost contributor,decreased from$684/kWh in 2013 to$132/kWh in 2021,a decline of 81%.This is also a boost to residential energy storage.In terms of output,global residential energy storage shipments in 2020 reached 4.44GWh,a year-on-year increase of 44.2%,with Europe and the US being the top pla
83、yers.In the European market,Germany recorded the fastest growth.With shipments exceeding 1.1 GWh,it was also the top player globally,followed by the US where shipments also exceeded 1 GWh(Figure 11).Residential energy storage shipments in 2020,MWhFig.11Source:IHS Markit,Statista,KPMG analysis1,1171,
84、05079435923925902004006008001,0001,200德国美国日本澳大利亚意大利南非英国西班牙欧洲其他国家及地区世界其他国家及地区Rest ofEuropeGermanyUnitedKingdomSpainSouthAfricaItalyAustraliaJapanUnitedStatesRest ofWorldNew Energy Storage Technologies Empower Energy Transition14 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,
85、KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by gua
86、rantee.All rights reserved.Printed in Mainland China.Compared with overseas markets,in which households play a primary role in energy storage,industrial and commercial consumers are the main driver of Chinas energy storage market.According to a projection of Wood Mackenzie,industrial and commercial
87、energy storage systems will account for 10%of Chinas energy storage market by 2031,with a total installed capacity of 442GWh,an increase of 4 percentage points from 2021,making it a major growth market segment(Figure 12).As the time-of-use electricity price system is further improved and the electri
88、city prices for energy-intensive enterprises increase,the economics of energy storage for industrial and commercial consumers has increased significantly.In 2021,some provinces and municipalities in China experienced power outages and shortages due to extreme weather conditions such as drought.The r
89、esulting disruptions to production and operations in businesses boosted the demand for energy storage.Industrial and commercial consumers will be the main driver of Chinas energy storage market in the futureFig.12Source:Wood Mackenzie,KPMG analysis87%6%7%87%10%4%79%9%12%84%5%11%44%9%47%61%13%26%2021
90、202312031Generators/gridsIndustrial and commercial consumersResidential consumers442GWh600GWh159GWhChinaUSEU1 Why implement power rationing and cutting off power supply?Experts analyse several key questions,https:/ Energy Storage Technologies Empower Energy Transition15 2023 KPMG HuazhenL
91、LP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limit
92、ed,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.There is an extensive range of application scenarios for industrial and commercial energy storage systems,including industrial parks,data centers,communication base stations,government buildings,shopping
93、malls and hospitals.Industrial parks with large roof areas and where power generation by PV panels coincides with peak consumption are a typical application scenario.Equipped with integrated solar panel and energy storage systems,industrial parks can effectively reduce electricity costs.New Energy S
94、torage Technologies Empower Energy Transition16 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of
95、 independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Energy storage-related fundraising deals worldwide continue to increase;battery and material manufacturers are sought after in ChinaIn ter
96、ms of investment and fundraising,the number of energy storage-related fundraising deals worldwide continues to increase.According to the Pitchbook database,the amount raised globally increased by 30%YoY in 2021.The momentum continued into 2022 when global energy storage companies raised USD 6.3 bill
97、ion,a YoY increase of 94%(Figure 13).Number of energy storage-related fundraising deals worldwide and amount of funds raised from 2020 to 2022(on a quarterly basis)Fig.13Source:Pitchbook,KPMG analysis0204060800Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4202020212022Amount of fundraisi
98、ng deals(USD 100 million,left axis)Number of fundraising deals,right axis3.The energy storage industry is favoured by investors,with enterprises stepping up efforts to expandChinas 30/60 carbon goals have significantly boosted the development of energy storage technologies.The sector,which has gone
99、through the initial commercial stage,is developing at a rapid pace and on a large scale.New Energy Storage Technologies Empower Energy Transition17 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)
100、partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.China,the US,and Europe are the main p
101、layers.In 2022,they accounted for 90%of global energy storage-related fundraising deals(China for 46%,the US for 31%,and Europe for 13%respectively),raising USD 2.9 billion,USD 2 billion,and USD 800 million,respectively(Figure 14).Energy storage-related fundraising in the US,Europe,and China from 20
102、20 to 2022(USD billion)Fig.14Source:Pitchbook,KPMG analysis253035202020212022中国美国欧洲ChinaUSEuropeChinas energy storage industry is raising a rapidly increasing amount of finance concentrated in a few provinces.According to data from CV Source,the number of fundraising deals and
103、the amount of funds raised by the energy storage industry have increased significantly since the second half of 2020.It is becoming another sought-after new energy segment among investors,in addition to PVs and electric vehicles.Based on data from CV Source,the energy storage industry remained a hot
104、 spot in 2022,with 249 fundraising deals and RMB 49.4 billion raised across the sector throughout the year.The amount of funds raised is 16 times that of 2019(Figure 15).New Energy Storage Technologies Empower Energy Transition18 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advi
105、sory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.Al
106、l rights reserved.Printed in Mainland China.Number of fundraising deals and amount of funds raised by the energy storage industry from 2019 to 2022(on a quarterly basis)Fig.15Source:CV Source,KPMG analysis0070800500Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr
107、1 Qtr2 Qtr3 Qtr420022Amount of funds raised(RMB 100 million,left axis)Number of fundraising deals(right axis)New Energy Storage Technologies Empower Energy Transition19 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in
108、Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Chinas
109、 energy storage industry is in its infancy,with lots of new entrants in early fundraising stages.In 2022,industry players raised RMB 32.5 billion in Series A and Series B funding,accounting for 66%of the total(Figure 16).From a regional perspective,energy storage enterprises in the top 10 provinces
110、raised a total of RMB 45.3 billion in 2022,accounting for 92%of the national total.The local energy storage industry in Guangdong Province raised RMB 13.5 billion in 67 deals,making Guangdong the top player in terms of both number of deals and funds raised(Figure 17).Funds raised by the energy stora
111、ge industry from 2019 to 2022(by Series,in RMB 100 million)Fig.040050060020022种子和天使轮A轮B轮C轮D轮及以后战略融资Seed and AngelSeries ASeries BSeries CSeries D and beyondStrategicSource:CV Source,KPMG analysisTop 10 provinces(municipalities)in terms of funds raised by local energy storage in
112、dustry in 2022Fig.17Source:CV Source,KPMG analysis0070800204060800广东省北京市江苏省湖北省上海市浙江省福建省山东省河北省安徽省GuangdongBeijingJiangsuHubeiShanghaiZhejiangFujianShandongHebeiAnhuiAmount of funds raised(RMB 100 million,left axis)Number of fundraising deals(right axis)New Energy Storage Technol
113、ogies Empower Energy Transition20 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent m
114、ember firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Battery manufacturing is the main growth segment in Chinas energy storage industry,with upstream material producers also sought after by investors.Big f
115、undraising deals are not infrequent in the industry.In 2022,battery enterprises raised RMB 31.7 billion,accounting for 64%of the total across the whole energy storage industry.Upstream enterprises in the energy storage industry,including producers of positive and negative electrode materials,raised
116、RMB 10.8 billion in 29 deals.Sunwoda Battery raised RMB 8 billion and became the largest fundraiser in the energy storage industry in 2022(Figure 18).Funds raised by energy storage enterprises in 2022 in RMB billion(by segment)Fig.18Source:CV Source,KPMG analysisBattery,31.7 billion yuanMaterials,10
117、.8 billion yuanEnergy storage systems/equipment,4.7 billion yuanBattery recycling,2.2 billion yuanThere is a surge in the number of newly established energy storage-related enterprises;they are mainly engaged in pumped and electrochemical energy storage in a few provincesBefore 2021,between 3,000 an
118、d 4,500 energy storage-related enterprises were established in China each year.However,as the energy storage industry gained momentum,38,294 energy storage-related enterprises were established in 2022,which was 10 times the number in 2020 and nearly six times the number in 2021(Figure 19).Number of
119、newly established energy storage enterprises from 2018 to 2022Fig.19Source:Tianyancha,KPMG analysisNote:Energy storage related enterprises in this report include those engaged in related areas across the whole industry chain,covering energy storage systems and components thereof,materials,engineerin
120、g design,technical support,project investment and operation.3,4334,2443,6506,63138,294010,00020,00030,00040,00050,000200212022New Energy Storage Technologies Empower Energy Transition21 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liab
121、ility company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Main
122、land China.In terms of regional distribution,Guangdong and Jiangsu have been benefiting from a cluster effect.In 2022,there were 4,044 and 3,225 newly established energy storage-related enterprises in Guangdong and Jiangsu,accounting for 10%and 8%,respectively(Figure 20).Newly established energy sto
123、rage enterprises in 2022(by province)Fig.20Source:Tianyancha,KPMG analysis4,0043,2253,0542,3601,9321,7651,6761,5681,4021,24505001,0001,5002,0002,5003,0003,5004,0004,500广东省江苏省北京市浙江省山东省海南省安徽省湖南省四川省上海市GuangdongJiangsuBeijingZhejiangShandongHainanAnhuiHunanSichuanShanghaiIn terms of segment,state power
124、enterprises are the major players in pumped storage,while also building electrochemical energy storage stations.Private enterprises focus on the electrochemical segment,with the battery sub-segment recording the largest number of entrants.Pumped storage still dominates Chinas energy storage market,w
125、ith the main investors State Grid and China Southern Power Grid collectively accounting for over 90%of the market.As of 2022,a total of 78 listed private enterprises have entered the electrochemical segment,with the majority(45)focusing on the battery sub-segment,followed by lithium battery material
126、s(19)and energy storage systems(13).New Energy Storage Technologies Empower Energy Transition22 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are
127、 member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.4.Opportunities and challenges for the energy storage industryAs the new energy industry a
128、ccelerates,countries have high hopes for new energy storage technologies as a solution to improve energy efficiency and safety.At the same time,the industry also faces challenges around economic performance,safety,policies and competition in the market.For Chinese industrial and commercial consumers
129、,TOU electricity prices and electricity premiums for energy-intensive enterprises have improved the economics of peak load shifting.In addition,China boasts a large lithium battery market.These strengths drive the new energy market.In terms of residential energy storage,overseas markets hold great p
130、otential due to high electricity prices,increased new energy adoption and unevenly distributed power grids.It is easy for market participants to secure handsome profit margins.Compared with their peers in Europe and the US,Chinese enterprises have a relatively smaller share in the end-product market
131、.However,Chinese power battery companies and PV inverter companies are strongly competitive in the lithium battery and energy storage converter markets,which are key parts of the supply chain for consumer-side energy storage projects.They are making sustained efforts to explore overseas consumer ene
132、rgy storage markets.On the consumer side,industrial and commercial energy storage projects in China are developing quickly,while residential energy storage projects are flourishing in overseas markets.New Energy Storage Technologies Empower Energy Transition23 2023 KPMG HuazhenLLP,a Peoples Republic
133、 of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English
134、company limited by guarantee.All rights reserved.Printed in Mainland China.For Chinese energy storage companies,the consumer-side energy storage market is primarily overseas and B2C in nature.They rely more on channels and branding to expand their footprints,and whether they will be able to find the
135、ir footing in the local market will be key to their further development.Energy storage projects by generators,grids,and industrial and commercial consumers are a B2B market,mainly in China.Therefore,the pool of resources,availability of channels,system safety,and cost control are the key success fac
136、tors.Energy storage enterprises should adopt differentiated strategies to build their core competitiveness in view of the competitive downstream landscape.According to a survey conducted by KPMG,a typical energy storage-related enterprise generates a gross profit of approximately 30%(50%in the case
137、of battery separator manufacturers for electrochemical energy storage).A number of listed energy storage enterprises have seen a downward trend in their gross profits.This does not augur well for the market in terms of long-term competition.There will be safety risks associated with excessive cost c
138、ontrol and an indifference to quality.Enterprises struggling under a monotonous revenue model resort to undercutting,giving rise to safety and sustainability concerns.According to CNESA data,the capacity of independent energy storage stations planned or under construction in China in the first half
139、of 2022 was 45.3GW,accounting for over 80%of all new energy storage projects planned or under construction.However,the scale of new independent energy storage stations put into operation in China in the first three quarters of 2022 was approximately 345.5MW,which was significantly lower than planned
140、 or under construction stations.The main reason for this may be that investors lack motivation.When calculating return on investment,a variety of factors needs to be considered such as compensation for auxiliary services,price differences in the spot market,and costs for leasing new energy capacity.
141、Under the current electricity market mechanism,these factors are linked to changes in policies and rules.They are highly volatile and difficult to quantify.To promote the implementation of independent energy storage stations,it is necessary to further optimise the electricity market mechanism.Indepe
142、ndent energy storage stations enjoy good long-term prospects,though this segment is sluggish in the short term.New Energy Storage Technologies Empower Energy Transition24 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland
143、China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Investor partic
144、ipation is beneficial for the development of the energy storage industry.Facing trends,they should keep a cool head in assessing business models to identify high-quality segments and targets.Industry giants are already present in some hot segments,such as electrochemical energy storage,making it alm
145、ost impossible for new investors to enter.Segments that are still in the early stages of development are not very profitable,and many venture capitalists are choosing to go upstream in the industry chain.In terms of targets,high-potential enterprises are relatively concentrated and overvalued.Many o
146、f them have not developed a stable and sound business model,making it challenging for investors to identify high-quality projects.Speculative investors need cool thinking to identify promising segments and targets.The energy storage industry is going through a critical period of transition from the
147、early commercial stage to development on a large scale.Whether it can thrive in the next stage depends on its economics.Top-level design is necessary to improve the way costs are passed on,so as to enhance the industrys economic performance in a market-oriented manner.In April 2022,the Centerfor Pri
148、ce Cost Investigation under the National Development and Reform Commission released an article entitled Improving the Cost Compensation Mechanism for the Energy Storage Industry to Help Build a New Power System in Which New Energy Plays a Major Role.It calls for the top-level design of energy storag
149、e-related policies with solutions to the bottleneck hindering the industrys development,thereby enabling various energy storage technologies to flourish.Establishing a market-oriented mechanism for energy storage players to pass on costs is key to the industrys further expansion.New Energy Storage T
150、echnologies Empower Energy Transition25 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of indepen
151、dent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.Contact usChina Electricity CouncilGuangbinXuDirector of Department of International Corporation,CECLinyanZhangVice Director of Department of Inte
152、rnational Corporation,CECDongye LiuVice Director of Department of International Corporation,CECWu WeiDeputy Secretary General,CCPIT Electric Power Industry OfficeKPMG ChinaDaisy ShenHead of Climate Change And Sustainable Development,KPMG ChinaOliver FuHead of Audit-Power and Utilities,KPMG ChinaXiao
153、chenLiPartner,Energy and Natural Resources,KPMG ChinaJing LiPartner,Deal Strategy and M&A,KPMG ChinaMay ZhouPartner,Deal Strategy and M&A,KPMG ChinaAcknowledgementsMichael JiangHead of Clients and Markets,KPMG ChinaAlex Choi Head of Energy and Natural Resources,KPMG ChinaFrank Mei Head of Power and
154、Utilities,KPMG ChinaYongdong Liu Deputy Secretary General,CEC;President,CEC Electric Transportation&Energy Storage AssociationSteering CommitteeResearch TeamKPMG China Kevin KangChief Economist,KPMG ChinaWei WangAssociate Director of Research,KPMG ChinaLilia MaManager of Research,KPMGChinaFannie Che
155、ngAssistantManager of Research,KPMG ChinaCynthia LiSector Executive,Energy and Natural Resources,KPMG ChinaMindy DuAssistant Manager,Power and Utilities,KPMG ChinaCEC Electric Transportation&Energy Storage AssociationLiboZhouVice Secretary General,CEC Electric Transportation&Energy Storage Associati
156、on Xiaoguang MaVice Secretary General,CEC Electric Transportation&Energy Storage Association XiaokunMaDirector of General Business Department,CEC Electric Transportation&Energy Storage AssociationHaiweiMaDirector of Energy Storage Business Department,CEC Electric Transportation&Energy Storage Associ
157、ationHuimingZhangExpert of Energy Storage Business Unit,CEC Electric Transportation&Energy Storage AssociationDesignerMichelle LiangDesigner,KPMG ChinaNew Energy Storage Technologies Empower Energy Transition26 2023 KPMG HuazhenLLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,
158、a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.P
159、rinted in Mainland China.About KPMG ChinaKPMG China has offices located in 31 cities with over 15,000 partners and staff,in Beijing,Changchun,Changsha,Chengdu,Chongqing,Dalian,Dongguan,Foshan,Fuzhou,Guangzhou,Haikou,Hangzhou,Hefei,Jinan,Nanjing,Nantong,Ningbo,Qingdao,Shanghai,Shenyang,Shenzhen,Suzho
160、u,Taiyuan,Tianjin,Wuhan,Wuxi,Xiamen,Xian,Zhengzhou,Hong Kong SAR and Macau SAR.Working collaboratively across all these offices,KPMG China can deploy experienced professionals efficiently,wherever our client is located.KPMG is a global organisation of independent professional services firms providin
161、g Audit,Tax and Advisory services.We operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world.Each KPMG firm is a legally distinct and separate entity and describes itself as such.KPMG International Limited is a private English c
162、ompany limited by guarantee.KPMG International Limited and its related entities do not provide services to clients.In 1992,KPMG became the first international accounting network to be granted a joint venture licence in mainland China.KPMG was also the first among the Big Four in mainland China to co
163、nvert from a joint venture to a special general partnership,as of 1 August 2012.Additionally,the Hong Kong firm can trace its origins to 1945.This early commitment to this market,together with an unwavering focus on quality,has been the foundation for accumulated industry experience,and is reflected
164、 in KPMGs appointment for multi-disciplinary services(including audit,tax and advisory)by some of Chinas most prestigious companies.About CEC Electric Transportation&Energy Storage AssociationThe Electric Transportation&Energy Storage Association is a branch under China Electricity Council(hereinaft
165、er referred to as CEC).It was established under the concerted decision of the CEC Board and implements the Constitution of CEC.The Electric Transportation and Energy Storage Association currently has more than 100 member firms,and State Grid Smart Internet of Vehicles Technology Co.,Ltd.and GCL(Grou
166、p)Holdings Co.,Ltd.are the executive vice president firms.The Electric Transportation and Energy Storage Association is driven by market demand,based on members demands,aimed at industry development,and guided by government requirements,and is committed to promoting the clean,efficient,innovative an
167、d coordinated development of Chinas transportation industry,and playing its due contribution to ensuring the security of national power energy in better serving the countrys economic and social development.The information contained herein is of a general nature and is not intended to address the cir
168、cumstances of any particular individual or entity.Although we endeavour to provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information wit
169、hout appropriate professional advice after a thorough examination of the particular situation.2023 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Mainland China,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are
170、member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Printed in Mainland China.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global a list of KPMG China offices,please scan the QR code or visit our website:https:/