The Economic Influence of Energy Storage Construction in the Context of New Power Systems

Abstract

The increase in the proportion of renewable energy in a new power system requires supporting the construction of energy storage to provide support for a safe and stable power supply. In this paper, the computable general equilibrium (CGE) quantitative assessment model is used coupled with a carbon emission module to comprehensively analyze the benefits and costs of energy storage construction from a macro perspective. Taking Zhejiang Province as an example, the investment in and construction of energy storage under the new power system of the 14th Five-Year Plan will slow down the economic growth of Zhejiang Province to a slight extent, but this investment and construction can improve the income level of residents and further redistribute the income structure. At the same time, energy storage investment and construction are conducive to building a clean, low-carbon, and efficient power system. The construction of energy storage can smooth out changes in electricity demand, while enhancing the electricity consumption of the residential sector, making the core sector’s electricity consumption more efficient. In addition, the construction of energy storage in the new power system has a positive effect on carbon emission reduction in Zhejiang Province, with the CO2 growth rate being significantly lower than the baseline scenario.