In June 2024, Germany's new installed capacity of energy storage was 260.4MW/389.3MWh, and the installed capacity decreased by 26% year-on-year and 7% month-on-month. Household energy storage capacity continued to weaken with 255MW/372MWh new installed capacity in June, -28%/-3% year-on-year respectively. The main reason for the weakening was the decline in PV installations, of which year-on-year decline in Germany's photovoltaic installations in June expanded from -11% to -18% compared with May. The downward trend was more obvious. Large-scale energy storage in front of the meter and industrial and commercial energy storage increased year-on-year, but the absolute growth was relatively limited. Germany's new installed capacity reached 14.9MW/29.7MWh in June, +22%/+143% year-on-year. The new installed capacity of industrial and commercial energy storage was 7.26MW/17.6MWh, +17%/-2% year-on-year, respectively.
For United Kingdom, the delay in grid connection of large storage has not been better obviously, with only 0.12MW of grid-connected capacity in June and 178.3MW of new installed capacity in 2024Q2, a significant year-on-year decline. According to Modo Energy statistics, the planned grid-connected scale reached 1.1GW at the end of the third quarter, but the actual operation scale is expected to be only 150-430MW. It still needs the further optimization of the approval process to help the United Kingdom's large-scale energy storage develop quickly as like as that in 2023.
In June 2024, the reserve of energy storage projects in Chile further increased, and the installed capacity is poised. While cumulative installed capacity remained unchanged from May, the scale of projects under testing increased by 80MW to 390MW, projects under construction increased by 120MW to 1,277MW, approved projects increased by 291MW to 2,909MW, and projects under approval increased by 152MW to 6,826MW.
The demand for energy storage in the Middle East is strong, and it is about to usher in large-scale volume. In July 2024, Sungrow signed a super energy storage project contract with Saudi Arabia's ALGIHAZ Group. With a total capacity of 7.8GWh, it is one of the largest energy storage projects in the world. The project is located in three regions of Najran, Madaya and Khamis Mushait in Saudi Arabia. It is scheduled to start equipment delivery in 2024 and is expected to achieve full capacity grid-connected operation in 2025, which will bring a huge increase in energy storage capacity in the Middle East.
Source：GUOTAI JUNAN FUTURES
