Energy storage has changed: the first national-level capacity pricing policy, Ukraine faces large-scale power shortages

The energy storage industry is experiencing a double logical reversal. Domestically, the “Document 114” has established the “base revenue” for capacity electricity prices, while overseas, the growth is mainly driven by Ukraine’s electricity shortages and AIDC-triggered structural increments. Coupled with the cyclical bottoming and rebound of lithium carbonate prices, the industry is shifting towards a new cycle driven by “business model closed-loop operation.”