Since 2024, the overseas market energy storage installed capacity began to show a recovery trend. Inverter demand began to return to growth at the same time, and the product prices also began to stabilize. According to EIA’s data, from January to June 2024, the United States large storage cumulative installed capacity is 4.23GW, year-on-year +136%. EIA estimates that the U.S. installed capacity in June in the context of the peak season, is expected to achieve a large storage installed capacity of 3.09GW, + 192% year-on-year, + 188% year-on-year, and is expected to achieve a full year of 2024 will be 14.8GW, Year-on-year + 192%, ring + 188%, + 128% year-on-year. China energy storage installed demand continues to grow. According to data, from January to June 2024, domestic energy storage system project bidding capacity is 41.1GWh. Looking forward to the medium and long term, Asia, Africa and Latin America and other emerging markets will continue to enhance the installed demand for energy storage.
China electricity price data
According to statistics, in July 2024, the average value of peak and valley price spread across the country is 0.72 yuan / KWh, +0.07 yuan / KWh. The current peak and valley price spread in 17 regions to reach the industrial and commercial energy storage to achieve the economy of the theoretical threshold spread of 0.70 yuan / KWh. In 2023, the average value of peak and valley price spread across the country for the proxy is 0.73 yuan / KWh.
This month, the top three regions in terms of peak and valley spreads are Guangdong Province (five cities in the Pearl River Delta), Hainan and Jiangsu, reaching 1.27, 1.22 and 1.14 yuan/KWh respectively.
Overseas electricity price data
Germany: As of 2024Q2, the German electricity price index was 71.76 EUR/MWh, down 22% year-on-year, up 6% YoY. In 2022Q3, Germany's electricity price index reached a record high, and electricity prices have continued to fall since 2022Q4.
In terms of renewable energy price index
Europe: 2024Q2 European renewable energy PPA average offer is about 77.21 EUR/MWh, -9% y-o-y, -5% q-o-q. Among them, 1) Photovoltaic power generation: In 2024Q2 European photovoltaic power generation PPA project average offer is 62.83 EUR/MWh, -13% year-on-year, -7% sequentially. 2) Wind power generation: In 2024Q1 European wind power PPA average offer is 91.59EUR/MWh, -7% y-o-y, -3% q-o-q. High interest rates, inflation, low utilization rate and other factors for the development of wind power in Europe has caused obvious pressure, but the launch of the European wind power action plan is expected to speed up the project approval speed, and give it a more robust financing environment.
North America: 2024Q2 North American renewable PPA average offer price is about $59.77/MWh, +12% YoY, +5% YoY. 2019Q1 so far North American renewable PPA price index continues to rise.