Data Pivot: Why is the current period for energy storage in Thailand's industrial and commercial sectors a golden opportunity?

Created on 10.27

Opening the electricity bill of a certain electronics factory in Thailand, the factory manager, Atthiwat, frowned: in the third quarter of 2025, electricity costs rose by 13% year-on-year, with peak period electricity costs accounting for as much as 62%. This is not an isolated case—data from the Kasikorn Research Center shows that the average electricity price for the business sector in Thailand has increased by 12%-17% compared to 2022, while the pressure of energy costs continues to persist.

But opportunities are hidden within crises. The latest report from Bloomberg New Energy Finance points out that Thailand, with its clear policy direction and significant advantages in electricity price differentials, is becoming the "golden testing ground" for industrial and commercial energy storage in Southeast Asia.

1. Countdown to Policy Red Packets: Certain Benefits Before the End of 2025

The Thai government is driving energy transformation with a dual approach of "real money and technology support." In the distributed photovoltaic sector, the electricity price subsidy policy (FIT policy) for rooftop photovoltaic and industrial and commercial photovoltaic systems continues to release positive signals: rooftop photovoltaic systems can enjoy an electricity price subsidy of 1.68 Thai Baht/kWh, while the subsidy for solar storage projects is even higher (2.83 Thai Baht/kWh). This policy has directly stimulated the enthusiasm of businesses and households for photovoltaic installations and laid a revenue foundation for the "photovoltaic + storage" collaborative model.

At the same time, the urgency of the supporting policies for energy storage further highlights the opportunity window—by December 31, 2025, eligible energy storage projects can enjoy overlapping equipment procurement subsidies and tax incentives. More critically, under Thailand's "3030 Policy" (the 2030 target for new energy vehicles and the energy storage industry chain), the establishment of Honeycomb Energy's factory in Chonburi, Thailand, and CATL's Southeast Asia project is continuously reducing the localized procurement costs of energy storage equipment.

The smart meter program and microgrid technology promotion by the Provincial Electricity Authority (PEA) of Thailand have significantly enhanced the integration capability of distributed energy. The widespread adoption of smart meters has made it possible to achieve refined management of "how much photovoltaic energy is generated, how much is stored, and how much is used by the grid"; microgrid technology has built an efficient energy management system for industrial and commercial users that allows for "self-generation and self-consumption, energy storage of surplus electricity, and peak discharge," directly reducing the grid connection threshold and operational costs of energy storage systems.

2. Electricity price difference breaks the critical value: The arbitrage space per kilowatt-hour reaches 0.8 yuan.

The profitability of energy storage projects primarily depends on the difference between peak and valley electricity prices, and Thailand has already established "arbitrage feasibility." Although Thailand's electricity demand is expected to decline year-on-year in 2025, the cost of electricity for industrial use has not decreased accordingly—mainly due to fluctuations in natural gas prices keeping the base electricity price high. At the same time, when kVAR exceeds 61.97% of the kW peak value, the excess is charged at 56.07 Thai Baht/kVAR. Coupled with the progressive electricity pricing mechanism, the actual electricity cost for high-energy-consuming enterprises is 20%-30% higher than the benchmark price.

Based on the pricing rules of the Provincial Electricity Authority (PEA) in Thailand and market research data, the electricity prices for industrial and commercial users show significant tiered differences:

Peak hours (9:00-22:00): approximately 4.2-4.8 Thai Baht/kWh (equivalent to 0.8-0.95 RMB)
Off-peak hours (0:00-6:00): approximately 1.8-2.2 Thai Baht/kWh (equivalent to 0.35-0.43 RMB)
Peak and valley price difference: up to 3 Thai Baht/kWh (equivalent to 0.59 RMB), with some high energy-consuming industries experiencing price differences exceeding 4 Thai Baht/kWh (equivalent to 0.8 RMB).

This price difference level has far exceeded the profitability threshold for energy storage projects (usually 2.5 Thai Baht/kWh is sufficient for profitability). Taking a 1MWh commercial and industrial energy storage project as an example, assuming an average of 2 charge and discharge cycles per day and a system efficiency of 85%, the peak-valley arbitrage alone can generate approximately 4.68 million Thai Baht (equivalent to 920,000 RMB) in annual revenue.

Three, Commercial Model Visualization: Understanding Return Logic through 3 Cases

Focusing on the projects of Chinese enterprises landing in the Thai energy storage market, combining public data and industry research, restoring the profit logic and technical adaptability in different scenarios:

Scene 1: A paint factory in Bangkok "Integrated Light Storage and Charging" Renovation (Hemaite Technology Solution)

Core Pain Point: The original photovoltaic system of the factory is affected by fluctuations in the power grid, making it unable to provide stable power supply to the electric vehicle charging stations. During peak hours, the electricity cost accounts for 22% of the production cost, and the production loss due to power outages in 2024 exceeds 3 million Thai Baht.
Landing Path: Hemai collaborates with local partners to adopt an AC coupling solution, adding HIT series energy storage inverters and battery systems on top of the existing photovoltaic foundation, connecting to the Thailand Provincial Electricity Authority (PEA) smart grid dispatch platform to achieve full-link collaboration of "photovoltaic power generation - energy storage peak shaving - charging pile power supply." The system does not require circuit reconstruction and completes installation and debugging in just 15 days, adapting to the factory's high temperature and high humidity production environment.
Revenue Structure:

Peak-valley arbitrage: Utilizing the price difference of 3.2 THB/kWh, saving 1.86 million THB in electricity costs annually;
Power Supply Guarantee: Millisecond-level (＜10ms) backup power switching, annual power outage losses reduced to less than 200,000 Thai Baht;
Policy Subsidy: Apply for photovoltaic + energy storage linkage subsidy through the FIT policy, reducing the initial investment by 10%;

Payback Period: 3.9 years

Scene 2: Thailand TPIPP Power Company's 25MWh Energy Storage Station (delivered by Jinko Energy)

Core Requirements: Respond to Thailand's "3030 Policy" on the consumption of renewable energy, address the issue of excessive peak-valley load differences in regional power grids, and enhance the grid stability of new energy sources such as wind and solar power.
Landing Path: Jinko Energy deploys 5 sets of SunTera G2 liquid-cooled energy storage systems, using precision temperature control technology to keep the temperature difference of the battery cells within ±2℃, suitable for high-temperature conditions above 40℃ in Thailand; through the fully self-developed EMS system interfacing with the PEA dispatch center, achieving 24-hour active balanced discharge, with discharge capacity increased by 8% compared to traditional systems.
Revenue Structure:

Grid auxiliary services: Providing peak shaving services for regional power grids, with annual subsidy income of 4.2 million Thai Baht;
Energy efficiency improvement: The system's circulation efficiency reaches 94%, reducing annual light abandonment losses by 1.5 million Thai Baht;
Device lifespan premium: Cycle life exceeds 8000 times, and the total lifecycle operation and maintenance costs are 22% lower than the industry average;

Payback Period: 4.3 years

Scenario 3: Panasonic Thailand Factory Peak-Valley Arbitrage Project (GoodWe Energy Storage Solution)

Core Pain Point: As a high energy-consuming manufacturing enterprise, the electricity consumption during peak hours (9:00-22:00) accounts for 65%, and the progressive electricity pricing mechanism results in actual electricity costs being 28% higher than the benchmark price, urgently requiring a low-cost energy management solution.
Landing Path: GoodWe deployed ET50 hybrid inverters with 3 units of 102.4KWh BAT energy storage units, with a total capacity of 50KW, optimizing the charge and discharge strategy based on the peak and valley electricity price difference in Thailand — charging at full load during off-peak hours (0:00-6:00) and prioritizing discharge to replace grid electricity during peak hours.
Revenue Structure:

Direct arbitrage: Each kilowatt-hour of electricity saves about 2 Thai Baht in costs, with annual earnings reaching 920,000 Thai Baht;
Demand management: Reduce capacity electricity costs by 35%, saving an additional 480,000 Thai Baht annually;

Payback Period: 4.5 years

4. Local resource support: Avoid 90% of implementation risks

The success of Chinese energy storage companies in Thailand is essentially a triple breakthrough of technology adaptation + supply chain localization + policy coordination, forming replicable industry experience:

1. Technical adaptation: Targeted solutions for pain points in the Thai scenario.

Extreme Environment Optimization: Hualu Optoelectronics has developed a vanadium flow battery system that is resistant to salt mist and high temperatures for microgrids on Thai islands. It operates stably in environments with temperatures of 50°C and 90% humidity, with a cycle life exceeding 20,000 times, reducing operational and maintenance costs by 40% compared to traditional lithium batteries.
Power Grid Collaborative Design: Leading companies have deeply adapted to the PEA smart grid standards, such as the HEMAI HIT series which supports 50A bypass current and can be directly connected to Thailand's industrial and commercial distribution system; Jinko Energy's energy storage system has passed IEC62619 certification, with a grid connection acceptance rate of 100%.

2. Supply Chain Localization: The Core Lever for Cost Reduction and Efficiency Improvement

Capacity Implementation: Canadian Solar has established a 5GWh energy storage battery factory in Rayong Province, Thailand, achieving flexible production of lithium iron phosphate and sodium-ion batteries, with a localization rate of 62%. The equipment procurement cost is reduced by 18% compared to purely imported solutions; Honeycomb Energy and Thailand's Banpu NEXT jointly built an energy storage system assembly line, and by 2024, localized mass production of ESS Packs has been achieved, compressing the delivery cycle from 3 months to 45 days.
Centralized Procurement Collaboration: Enterprises integrate resources through local cooperation, such as Jinko collaborating with UTI to achieve one-stop delivery of "photovoltaic modules + energy storage systems," saving 12% in costs compared to customers' decentralized procurement; GoodWe relies on Panasonic's supply chain network in Thailand to quickly respond to after-sales demands.

3. Policy Coordination: Accurately Capture the Dividend Window

Subsidy Application: Companies such as CATL and BYD are working with the Thailand Board of Investment (BOI) to secure "energy storage subsidies for high energy-consuming industries" for their clients, with the maximum approved subsidy amount for a single project reaching up to 15% of the investment amount, significantly shortening the payback period.
Standard docking: Leading companies have proactively laid out the "local content certification" of the Thai Ministry of Energy. Honeycomb Energy has conducted a feasibility study on localized production of battery cells to reserve qualifications for the continuation of the subsidy policy in 2026; Hualu Photovoltaics, with the environmental attributes of all-vanadium flow batteries, has been included in Thailand's carbon neutrality project database.

These cases confirm the localized competitiveness of Chinese energy storage companies—through technological customization, rooted supply chains, and policy adaptation, they not only achieve breakthroughs in their own markets but also compress the average return cycle of energy storage projects in Thailand from 6 years to 4-5 years, becoming a core force in driving the local energy transition.

Five, Window Period Warning: Three Major Changes Will Arrive in 2026

The current golden opportunity period is not everlasting, and multiple signals indicate that the market environment will change after 2026: First, the expiration of subsidy policies may lead to an increase in initial investment by 10%-15%; Second, the release of local production capacity by companies such as CATL and EVE Energy will trigger competition, with an expected 30+ energy storage integrators entering the Thai market by 2026; Third, if the peak-valley price difference narrows due to adjustments in power supply, the project payback period may extend to over 7 years.

For business owners, the essence of decision-making is to grasp the triple overlap period of "policy dividends + price difference dividends + competitive dividends." As verified by the Asian Development Bank in the wind power storage project in southern Thailand — projects that are laid out in advance can not only lock in long-term electricity price benefits but also enjoy the cost reduction dividends brought by the maturity of the industrial chain.

At this moment, Thailand is just like China's energy storage market in 2018: clear policies, price differentials meeting standards, and a formed industrial chain; the only thing missing is decisive decision-makers to enter the market.

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