The Energy Administration of Shandong province, in conjunction with 17 other departments, recently issued the guidelines on accelerating the high-quality development of the new energy storage industry.

It sets clear targets: by 2025, the province's new energy storage industry should achieve revenue of 250 billion yuan ($34.87 billion), and by 2030, the industry's scale should further expand.

New energy storage is a crucial technology and foundational equipment for supporting new power systems.

According to the guidelines, Shandong will improve its innovation system for new energy storage, expand application scenarios, and scale up the industry. The goal is to create a robust ecosystem for coordinated development across the entire industrial chain, establishing Shandong as a national leader in the new energy storage sector and advancing the development of a green, low-carbon, and high-quality development pilot zone.

For instance, the guidelines propose the active development of renewable energy and energy storage to achieve the deep integration of energy storage and renewable energy generation. This will allow them both to participate jointly in the electricity spot market and address issues related to delivering power from large wind and solar bases.

The new guidelines call for the widespread promotion of "thermal power plus energy storage", supporting the rational deployment of new energy storage at operational thermal power plants and constructing demonstration projects for peak-shaving and frequency regulation, such as electrochemical energy storage, molten salt heat storage, flywheel energy storage, and supercapacitor hybrid energy storage, to enhance the comprehensive competitiveness of thermal power units in the electricity market.

The province will also increase fiscal and financial support, strengthen research and development, and improve mechanisms for new energy storage to participate in the electricity market.