2025年光伏发电盈利能力——电池储能系统混合.pdf

1、PV profitability in 2025BESS hybridizationDecember 2025Cubico is an IPP present in 9 countries,with over 3,4 GW installed capacity in 229 assets,and a total development pipeline 20GW including PV,Wind and BESS.1Cubico Sustainable Investments Cubico global footprintUK London(HQ)ItalySpainMexicoColomb

2、iaUruguayAustralia MelbourneAustralia SydneyGreeceUSA Austin Australia BrisbaneUK ManchesterStrong fundamentals for demand2Renewable Energy trendSolarPower Europe(2025):Global Market Outlook for Solar Power 2025-20293Renewable Energy targetsIRENA(2024),World Energy Transitions Outlook 2024:1.5C Path

3、way,International Renewable Energy Agency,Abu Dhabi.Strong fundamentals for a sustained PV demand and market growth4ChallengesBusiness case Zero prices Negative Energy prices Lower PPA Less profitableinvestmentsTechnical Grid congestion Grid stability CurtailmentMarket conditions Limited space for C

4、apeximprovements undercurrent PV module pricesExample Netherlands hours with negative energy prices tripled between 2022 and 2023(372h)and increased to over 500 hours in 20245Energy price evolutionSource:IEA-International Energy Agency,Energy Policiy Review The Netherlands 20246Energy price evolutio

5、n500 hours negative energy prices(2025)150 hours negative energy prices(2024)7PPA market&price evolutionThe PPA market has been influenced by the normalisation of the wholesale market,increased competition among sellers,and the effects of capture prices,alongside other factors.8CurtailmentThe concen

6、tration of installed energy generation capacity in locations that are separate from the primary points of demand places additional pressure on the transmission grid.9CurtailmentIn July 2025,the Spanish grid operator,Red Elctrica de Espaa(REE),reported that technical grid constraints led to the non-d