On October 19, the 2023 China (Shandong) Energy Storage High Quality Development Conference was held in Jinan City, Shandong Province. By the end of September this year, the installed capacity of new energy sources such as PV and wind power in Shandong had reached 84.14 million kilowatts and that of new energy storage had reached 3.33 million kilowatts, both ranking first in China. This shows that Shandong's goal of building a new power system is being accomplished at a faster pace.

In recent years, Shandong's energy storage development has picked up pace in terms of both scale and marketization. Up to now, the installed capacities of electrochemical energy storage and compressed air energy storage in Shandong have reached 3.32 million kilowatts and 10,000 kilowatts, respectively.

Shandong's goal of building a new power system will be accomplished in two stages: The first stage is from 2021 to 2035 during which carbon emissions caused by electricity generation will peak, non-fossil fuels will gradually occupy the main position in installed capacity and electricity consumption, and a new power system will be built basically; the second stage is from 2036 to 2060 during which carbon emissions caused by electricity generation will decline rapidly, new energy will gradually play the central role in supplying electricity, and the new power system will be improved constantly.