With the proposal of the “carbon peak and neutrality” target, various new energy storage technologies are emerging. The development of energy storage in China is accelerating, which has extensively promoted the development of energy storage technology. Even though several reviews of energy storage technologies have been published, there are still some gaps that need to be filled, including: a) the development of energy storage in China; b) rol. With the proposal of the “carbon peak and neutrality” target, various new energy storage technologies are emerging. The development of energy storage in China is accelerating, which has extensively promoted the development of energy storage technology. Even though several reviews of energy storage technologies have been published, there are still some gaps that need to be filled, including: a) the development of energy storage in China; b) role of energy storage in different application scenarios of the power system; c) analysis and discussion on the business model of energy storage in China. Thus, this part needs to be summarized. Energy storage has entered the preliminary commercialization stage from the demonstration project stage in China. Therefore, to realize the large-scale commercialization of energy storage, it is necessary to analyze the business model of energy storage. Providing readers with an overview of energy storage will contribute to the future development of energy storage business models.••Business modelsEnergy storageShared energy storagePower generation sideTransmission and distribution sideUser sideThe process of global industrialization has accelerated in the 21st century. A large number of greenhouse gases cause the global temperature to rise. To maintain the ecological balance, governments of various countries have decided to carry out emission reduction actions. As a result, legal documents such as “the United Nations Framework Convention on Climate Change” and “the Paris Agreement” have been formed. China actively responded to the call, Chinese President Xi Jinping announced that China would build a green and low-carbon society and carbon emissions will peak before 2030 and become “carbon neutral” by 2060.To achieve this goal, China needs to reduce carbon emissions. The energy industry with high carbon emissions will bear the brunt of cuts. Energy can be classified as renewable energy and fossil energy. The utilization rate of fossil energy in China is high, and the amount of carbon dioxide produced is enormous. Renewable energy sources have a wide range of sources and low carbon emissions. Therefore, it is necessary to increase the development of the renewable energy. Countries have reached a consensus on improving the utilization rate of renewable energy. The Australian Clean Energy Council officially released the “Clean Recovery” plan in May 2020 to promote the growth of investment in the renewable energy sector. Several states in the United. 2.1. Development historyThe development of energy storage in China has gone through four periods. The large-scale development of energy storage began around 2000. From 2000 to 2010, energy storage technology was developed in the laboratory. Electrochemical energy storage is the focus of research in this period. From 2011 to 2015, energy storage technology gradually matured and entered the demonstration application stage. The purpose of this period is to verify the feasibility and application effect of energy storage technology. From 2016 to 2020, the goal is to build energy storage demonstration projects with commercial purposes. This marks the development of energy storage into the early stages of commercialization. During this period, the management system, incentive policies and business models of energy storage were mainly explored. It is expected that from 2021 to 2025, energy storage will enter the stage of large-scale development and have the conditions for large-scale commercialization. The context of the energy storage industry in China is shown in Fig. 1.2.2. Policy supportFrom. According to the different investors, beneficiaries and profit models, the business models of energy storage are temporarily classified into six types, namely the ancillary service market model, the two-part tariff model, the negotiated lease model, the energy performance contracting model, the spot trading market model and shared energy storage mo.