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Meng Qingqiang, Chief Engineer of State Grid Corporation of China: The value of new energy storage applications has not been fully tapped into. On the afternoon of November 5, at the sub-forum "Promoting Global Energy Transformation through High-Quality Development of New Energy Storage" of the Eighth Hongqiao International Economic Forum, Meng Qingqiang, Chief Engineer of State Grid Corporation of China, pointed out that the value of new energy storage applications has not been fully tapped into. Meng Qingqiang stated that independent energy storage currently only participates in the day-ahead spot market, with limited scope for optimizing the allocation of resources in the real-time spot market. At the same time, the current ancillary services market has a single variety and low compensation intensity, unable to fully reflect the multiple values of energy storage such as rapid frequency regulation, ramping, capacity, inertia, black start, etc. In addition, the country has not yet introduced a capacity compensation mechanism for new energy storage, leading to a lack of long-term and stable market-driven revenue for energy storage. The national policy proposes to include the cost benefit of grid-replaceable energy storage in electricity transmission and distribution prices, but has not yet issued operational policy documents.