CITIC Securities: User time-of-use electricity prices connect to the market, and industrial and commercial energy storage mode changes.

CITIC Securities research report indicates that in 2026, when power generation companies and electricity users sign medium to long-term contracts, they will need to sign contracts in different time periods with a curve. The user's hourly electricity price will be linked to the results of the spot market trading, no longer accepting the government-mandated peak-valley electricity price, which means that the electricity market reform will be further deepened. Currently, the price difference between peak and valley set by the government and the length of time periods are generally higher than the spot market. After the adjustment of the mechanism, the profit model of commercial energy storage will be affected, with smaller spot price differences and insufficient demand adjustment in commercial and industrial energy storage under pressure in areas. The problem of power system capacity shortage is still significant, nearing the point of accelerating the outbreak of capacity insufficiency contradiction, and is expected to support the long-term development of energy storage.