Globally, energy storage project development is increasingly driven by the utility-scale segment, with mandates and targeted auctions driving gigawatt-hour projects in markets like China, Saudi Arabia, South Africa, Australia and Chile.
While the aforementioned research primarily examines the microeconomic perspective, focusing on the application of specific energy storage (ES) technologies, there is also a body of literature that analyzes the macro-level impact of ES in regional power systems. The assessment of economic system effects often centers around cost reduction.
For instance, Johnson et al. evaluated the economic impacts of three energy storage technologies, namely Lithium-ion batteries, flywheels, and compressed air energy storage, using total cost of generation reductions to gauge the system value of each technology within a high-penetration renewable energy system.
In March 2022, National Development and Reform Commission (NDRC) and National Energy Administration (NEA) released the 14th Five-Year Plan for the development of energy storage, which set the target for ES to enter the stage of large-scale development by 2025. The target calls for lower costs of ES.
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