Is China’s trillion-yuan emerging energy-storage market already in turmoil?

Quick Summary:

Massive spending leads to new equipment sitting underused – or idle – even as the grid sorely needs it to make the best use of clean energy.

However, the market is already beset with overcapacity and low usage rates, problems that are being exacerbated by government policies and shortcomings in the power system.“There is a mismatch between the current development of energy-storage systems and what China’s power system really needs,” said Guo Shiyu, a Beijing-based campaigner at environmental group Greenpeace.

It will use electricity to compress air inside the caverns, then use that compressed air to turn turbines to generate electricity again when it is needed.

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Article Details

Author / Journalist: Yujie Xue

Category: Business

Markets: Hong KongChina

Topics: Trillion-yuan Electricity Power Emerging Energy-storage Turmoil China’s Market Energy Country’s Caverns

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-07 @ 07:00:10 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 262 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22394834

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