In January 2022, the National Development and Reform Commission and the National Energy Administration jointly issued the Implementation Plan for the Development of New Energy Storage during the 14th Five-Year Plan Period, emphasizing the fundamental role of new energy storage technologies in a new power system.
The plan specified development goals for new energy storage in China, by 2025, new energy storage technologies will step into a large-scale development period and meet the conditions for large-scale commercial applications.
By 2030, new energy storage technologies will develop in a market-oriented way. Newer Post NDRC and the National Energy Administration of China Issued the Medium and Long Term Development Plan for Hydrogen Industry (2021-2035)
They also intend to effect the potential advancements in storage of energy by advancing energy sources. Renewable energy integration and decarbonization of world energy systems are made possible by the use of energy storage technologies.
New energy storage refers to electricity storage processes that use electrochemical, compressed air, flywheel and supercapacitor systems but not pumped hydro, which uses water stored behind dams to generate electricity when needed.
The energy storage industry is going through a critical period of transition from the early commercial stage to development on a large scale. Whether it can thrive in the next stage depends on its economics.