CITIC Securities: Domestic Energy Storage Expected to Maintain Growth Momentum and Potential in 2027

36Kr reports that a CITIC Securities research note indicates that since 2026, the installation pace of large-scale energy storage in China has been slower than expected, with project implementation lagging behind bidding data. The firm attributes this primarily to narrowing peak-valley price spreads in the northwest region this year, driven by declining load growth, energy storage arbitrage, and increased new wind power capacity suppressing late-evening electricity prices. Additionally, rising system operation costs, slow progress in implementing provincial capacity tariffs, lithium carbonate price hikes, and delays in grid connection approvals have impacted the economic viability of energy storage projects, slowing their actual deployment. Consequently, CITIC Securities has revised its 2026 forecast for new domestic large-scale energy storage installations to 230-250 GWh, representing a year-on-year increase of approximately 21%-32%. Looking ahead to 2027, with falling lithium carbonate prices, growing demand in regions such as North China, Northeast China, and South China, and new scenarios driven by computing power synergy, the firm expects domestic energy storage to retain growth momentum and potential.