China's installed capacity for new energy storage tops 30 million kW in 2023

China's installed capacity

China's installed capacity for new energy storage stood at over 30 million kilowatts as of the end of 2023, the National Energy Administration said at a news briefing on Thursday.

By the end of last year, China's cumulative installed capacity of operating new energy storage projects reached 31.39 million kilowatts, up 260 percent from 2022, said Bian Guangqi, Deputy Head of the Energy Conservation and Sci-Tech Equipment Department of the National Energy Administration.

"In terms of investment scale, since the beginning of the 14th Five-Year Plan period (2021-2025), the addition of installed capacity for new energy storage has directly driven economic investment of over 100 billion yuan (around 13 billion U.S. dollars), and further expanded both the upstream and downstream industrial value chain, becoming a 'new driver' of the country's economic growth," Bian said.

According to a report by China Central Television, as of the conclusion of 2023, lithium-ion batteries constituted 97.4 percent of the operational new energy storage facilities in China.