The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) jointly issued Notice on Propelling New Energy Storage Technologies to Participate in Electricity Market – an action to propel marketization of new energy storage industry; establish related market mechanism, price mechanism and operation mechanism; improve utilization level and benefits of new energy storage technologies; and attract more social capital.

As for energy storage technologies used in power grids, local governments are required to improve plans and strengthen supervision, and encourage relevant enterprises to install energy storage facilities based on power system operation needs. Investment in new energy storage industry is forecast to be nearly RMB900 billion in 2030.