Orient: Energy storage in June maintained growth compared to previous months. Optimistic about the energy storage demand for the whole year and increase in the second half of the year.

Orient released a research report stating that overall, the year-on-year growth rate of energy storage in June has slowed slightly. The main reason for this is the rapid increase in system operating costs. According to data from the State Grid New Media, in the first quarter of 2026, system operating costs showed the characteristics of "total surge, structural differentiation, and comprehensive explicitness". The proportion of system operating costs for industrial and commercial users nationwide soared from 8% to over 15%, with some regions exceeding 25%. It is expected that the period from 2026 to 2030 will see rapid growth, with an average annual growth rate of 20% to 30%. According to the State Grid Energy Research Institute, after paying system operating costs, the income from energy storage price differentials at the grid side has decreased significantly, and the increased capacity compensation income is difficult to make up for. The bank believes that system operating costs, as a regulating valve, will affect the installation pace, but not the total demand. As the market income imbalance becomes more prominent, the structural issues of subsequent income may be resolved. The bank is optimistic about the full-year demand for energy storage and the pace of increase in the second half of the year. The main points of Orient's viewpoint are as follows: Events According to CESA, in June 2026, there were 77 new energy storage projects connected to the grid domestically, with a total installed capacity of 4.22GW/11.02GWh, an increase of 0.72%/9.98% year-on-year, and an increase of 41.6%/53.5% month-on-month. The Northwest region leads in installed capacity, with Gansu, Guangdong, and Hebei accounting for nearly 40%. From a regional perspective, the Northwest region had the largest increase in installed capacity in June, with 0.99GW/2.68GWh, accounting for 23.4% of power and 24.3% of capacity, ranking third and first respectively. Projects in the region are distributed in four provinces of Gansu, Xinjiang, Ningxia, and Qinghai, mainly focusing on large-scale independent energy storage and grid-side storage. By province, Gansu added a total of 0.47GW/1.64GWh of installed capacity in June, accounting for 14.88% of the total and ranking first nationally. Grid-side accounts for about 60%, and various new technologies are concentrated in deployment. In terms of application scenarios, there were 28 new grid-side independent/shared energy storage projects connected to the grid, with an installed capacity of about 2.74GW/6.85GWh, accounting for 64.8% of power and 62.2% of capacity, ranking first in both categories. Private enterprises contributed over 40%, and third-party energy storage integrators are on the rise. In terms of project owners, private enterprises and third-party energy storage integrators accounted for 41.6% of power in the projects connected in June, reflecting a highly market-oriented investment and operation market for independent energy storage plants. Among them, Yicarenergy had the largest operating capacity, reaching 500MW/1GWh; Beijing HyperStrong Technology also deployed on a GWh scale, with a capacity of 250MW/1GWh; Fujian Longking deployed 215MW/860MWh; CALB's energy investment platform, Kaibob Capital, deployed 2 projects with a total capacity of 200MW/600MWh. Local state-owned enterprises ranked second with a power share of 21.9%, and the top five and six small central enterprises ranked third with a power share of 18.9%. Risk warning Domestic energy storage installations may fall short of expectations.