China's electricity demand is expected to triple by 2035. According to Greentech Media, in 2012, China’s installed generation capacity and quantity of electricity produced will become the largest globally. China plans to invest $490 billion in grid upgrades by 2020, including about $90 billion in smart grid technology.
Early this year it was reported that China had installed the world’s largest battery park (Lithium Iron Phosphate) with a capacity of storing 36 MWh of electric power and costing half a billion dollars. The battery park, which is the size of a football field, is fed by intermittent renewable energy sources, a 100 MW wind farm and a 40 MW solar project. What this means is that for the grid operator, State Grid Corporation of China (SGCC), the intermittent sources together with the battery comprise a dispatchable energy source.
Azure International and GTM Research have projected that the energy storage market in China will grow to a $500 million per year market by 2016.