CITIC Securities: User time-of-use electricity prices link market, transformation of industrial and commercial energy storage models

According to a research report from Citic Securities, in 2026, both power generation companies and power users need to sign medium- to long-term contracts in different time periods with curved contracts. The user-side time-of-use electricity price will be linked to the results of spot market trading, no longer accepting the government-mandated peak and valley electricity prices. This signifies a further deepening of electricity market reform. Currently, the peak-valley price difference and time period length set by the government generally exceed those of the spot market. After the mechanism adjustment, the profit model of industrial and commercial energy storage is affected, with smaller spot price differences and inadequate adjustment demand in pressured areas for industrial and commercial energy storage profit. The issue of power system capacity shortages remains significant, nearing the point where the contradiction of insufficient capacity is accelerating. This is expected to support the long-term development of energy storage.