About  2

Key highlights  2

Executive summary  3

Chapter 1: From the scale  7

1.1 China's BESS outgrows all other countries combined  7

1.2 China's battery additions outpace its record-breaking solar growth  9

1.3 Co-location requirements provided the first push for China's BESS growth  10

1.4 The shift to revenue stacking in China's BESS market  13

Chapter 2: To the system  20

2.1 Shifting application structure in China's BESS fleet  21

2.2 Utilisation is rising, but co-located BESS still lags standalone systems  22

2.3 Shifting to market-led expansion and unlocking the system value of BESS  25

Supporting materials  29

Methodology  29

Acknowledgement  31