In 2024, the procurement demands of major energy groups through framework agreements were significantly higher than in 2023, reaching an overall scale of 29.9 GW / 122.6 GWh. The primary bidding content covered energy storage systems, battery systems, and battery cells.

Winning Projects: The scale of winning bids for new energy storage projects in China also reached a new high in 2024. The EESA database tracked a total of 1,353 winning announcements, representing a total scale of 90.7 GW / 234.5 GWh.

• Among these, 683 EPC projects were awarded, totaling 45.4 GW / 113.4 GWh. This represents year-on-year growth of 173% (power) and 178% (energy) compared to 2023.
• 527 energy storage system projects were awarded, totaling 27.0 GW / 79.4 GWh, marking year-on-year growth of 27% (power) and 37% (energy) compared to 2023.

Winning Bid Prices: Benefiting from the mass production and deployment of high-capacity battery cells, the increasing prominence of economies of scale, and declining raw material costs, the average price per watt-hour (Wh) for energy storage systems in 2024 saw a significant decrease compared to 2023.

• During the year, energy storage system winning bid prices bottomed out and stabilized. Taking Lithium Iron Phosphate (LFP) systems (0.5C) as an example, the annual average winning bid price was ¥0.7054 / Wh, with a weighted average price of ¥0.7093 / Wh in December.
• Winning bid prices for Energy Storage EPC saw a slight decline. For LFP projects with a 2-hour duration, the annual average winning bid price was ¥1.2065 / Wh, with a weighted average price of ¥1.1649 / Wh in December.

2023-2024 Average Winning Bid Price for Energy Storage EPC (LFP, 0.5C) (¥/Wh)

Looking back at 2024: Central State-Owned Enterprises (SOEs) typically issued framework procurement tenders around 5 GWh in scale, with very few exceeding 10 GWh.

• However, in the energy storage procurement plans already announced for 2025, several projects exceed 10 GWh, signaling increasingly robust market demand.
• Central SOE project owners have implemented multiple safeguards (“defense lines”) in their tenders to mitigate the potential safety risks associated with “low-quality, de-specified” storage products entering the market. This practice of raising bidding thresholds is expected to block over 80% of small and medium-sized energy storage system integrators, leading to market consolidation around leading players.
• Finally, the technologies specified in tenders are showing a trend towards diversification. While LFP battery storage still dominates (89% based on installed power capacity), other technologies like flow batteries, sodium-ion batteries, flywheels, and supercapacitors have also seen development and breakthroughs. Hybrid storage projects using “LFP +” configurations increased notably in 2024.

1.2 Installation Statistics

China’s new energy storage market continues to grow in terms of installations. As of December 31, 2024, the cumulative installed capacity of new energy storage in China reached 78.5 GW / 185.7 GWh.

• New installations in 2024 reached 42.5 GW / 107.1 GWh, representing a 109.5% year-on-year increase (based on energy capacity – GWh). This accounted for 57.7% of the cumulative installed capacity. Both the scale and growth rate of new installations in 2024 exceeded expectations.
• Notably, new installations in December 2024 alone hit 13.0 GW / 34.1 GWh, surging 316% month-on-month (based on energy capacity – GWh) and setting a new record for monthly additions.