New energy storage sector sees fast growth

BEIJING — China's new energy storage sector saw rapid growth in 2024, with installed capacity surpassing 70 million kilowatts, said an official with the National Energy Administration.

Bian Guangqi, deputy director-general of the NEA's energy saving and technology equipment department, said that by the end of 2024, total installed capacity of new energy storage projects in China reached 73.76 million kW, which represented an increase of over 130 percent compared to the end of 2023. The average energy storage duration is 2.3 hours, an increase of about 0.2 hours since end-2023.

New energy storage refers to energy storage technologies other than conventional pump storage. An energy storage system charges when wind power or photovoltaic power generates a large volume of electricity or when the power consumption is low, and it discharges otherwise.