1、2025?https:/ 2025亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)?盟?研?()2?研?EqualOcean?u?2023?-?2034?2231?5065?u?千?务?够?太?u务?务?2024?150GWh?的?务?u?2030?700GWh?IRA?2025?120GWh?VPP?2030?220GWh?太?确?务?2024?93.5%?UL?CE?IR

2、A?u?务?VPP?+?IRR?30-40%?SaaS?IRR?40%?务?PPA/BOO?301?u?LDES?2030?哥?20%?-?10?-?务?油?亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)?C O N T E N T S务?务?1.1?1.2?CAGE?1.3?01务?务?2.1?2.2?务?2.3?02?3.1?3.2?3.3?03?4.1?4.2?202

3、5-2030?4.3?务?04亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)?盟?研?()4u?2021?-2031?2231?5065?的?务?u?够?2024?34.4?GWh?22.45?GWh?研?EqualOcean?Extrapolate1.1?20232023-2032031 1?2024?22312389.72564.927592975.33217.8349

4、1.73803.54161.84577.550652021202220232024 2025E 2026E 2027E 2028E 2029E 2030E 2031E?太?IRA?2022?ITC?30%?3kWh?ITC?SGIP?CPUC?kWh?200?NEM?200?/kWh?7500?2024?nyserda?10?500?REPowerEU?2022?5?2030?40%?45%?RED?2023?2030?务?42.5%?45%?2026?6?TSO?2026?6?TSO?NECPs?2024?34.4?GWh22.45GWh?CAGR=8.55%CAGR=8.55%亿欧智库-阳

5、侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)?盟?研?()u?2023?70%?务?u?千?去?IRR?够?研?EqualOcean?1.1?-?2030?47%?2024?22%?2023?16GW?告70%?务?67%?39%?19%?告?2035?100%?2050?IRR+?+?+?务?+?哥?务?赠?哥?务?&?5亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)

6、亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)亿欧智库-阳侑(439219)?盟?研?()u 务?研?去?千?务?去?够2025?400?Wh/kg?务?模?务?模?2024?务务?93.5%?研?u 务?20242024?150GWh150GWh?务?千?务?2.5GW/12.5GWh?去?去?研?研?1.2?务?务?务?务?务?301?2026?2025?65-70GWh?25-30GWh?35%?务?务?够 2024-2025?24GWh?赠?务?务?研?