Chart of the Day: China Boosts Energy Storage Capacity as Power Demand Grows

00:00

00:00/00:00

Listen to this article 1x

China’s installation of new energy storage has continued to expand in the first half of 2024, albeit at a slower pace, official data show, as power demand rises in anticipation of the hot summer months.

China added 13.05 gigawatts (GW) of installed new energy storage capacity in the first half of 2024, bringing the country’s cumulative capacity to 44.44 GW, according to data released by the National Energy Administration (NEA) on Wednesday.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Download our app to receive breaking news alerts and read the news on the go.

Get our weekly free Must-Read newsletter.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

China added 13.05 GW of new energy storage in H1 2024, totaling 44.44 GW, marking a 51.2% and 156.4% year-on-year increase.
Power usage climbed 8.1% to 4.7 trillion kWh, driven by manufacturing sector demand and hot summer weather.
Growing competition in the industry is causing energy storage prices to drop, leading some companies to explore overseas markets despite the challenges.

AI generated, for reference only

What Happened When

January 2024：: Yue Fen discussed the increase in energy storage capacity and the challenges for companies expanding their overseas business.

the first half of 2024：: China added 13.05 gigawatts of installed new energy storage capacity.

the first half of 2024：: China’s power use climbed 8.1% to about 4.7 trillion kilowatt-hours.

June 2024：: The price paid to energy storage systems fell to between 0.55 yuan per watt hour and 0.74 yuan per watt hour.

before falling back in July 2024：: Activity in China’s manufacturing sector grew for eight straight months.

Wednesday, August 1, 2024：: The National Energy Administration (NEA) released data showing China's cumulative energy storage capacity reached 44.44 GW.