The overall market operation for lithium carbonate prices fluctuated around $13,475/ton in February and remained stable.

Natural gas futures prices have fallen to near three-year lows due to the plentiful European gas inventories.

In January-February, natural gas futures in Europe continued to decline. As of February 27, the Dutch TTF natural gas futures price dropped to a nearly three-year low of 24 EUR/MWh. This decline can be attributed to two main factors. Firstly, Europe has abundant natural gas reserves, and secondly, the overall inventory level at the end of February was still above 63%, which is 1.5% higher than last year.

Secondly, the current average winter temperature in Europe is slightly higher than the historical average. Additionally, the penetration rate of distributed optical storage and heat pumps has led to a relative reduction in natural gas consumption in Europe. For example, in December, natural gas heat generation in Germany fell by 16% compared to 2022. However, in the medium to long term, the current structure of natural gas supply in Europe is highly concentrated, relying heavily on U.S. LNG supply. This makes the supply and demand structure vulnerable, and it is expected that there will be limited downward space for European natural gas futures.

In January, energy storage installations for U.S. utility photovoltaic systems increased by 86.9% and 123.4% year-over-year.

According to the U.S. Energy Department, in January 2024, the U.S. installed 2.25GW of utility-scale PV, an 86.9% increase from the previous year. Additionally, 148MW of utility-scale energy storage was installed, a 123.4% increase from the previous year. Both utility PV and energy storage experienced high year-on-year growth. The plans for the year ahead include installing 33.4GW of utility-scale PV from February to December, a 93.2% increase, and 14.6GW of utility-scale energy storage, a 131.77% increase.

In addition to the provisional agreement between the Council and the European Parliament on the Net Zero Industry Bill, which maintains the main objective set out in the Commission's proposal last March that the EU will locally manufacture 40% of its net-zero technology needs by 2030, the agreement also simplifies rules for construction permits, creates a net-zero industry valley, and clarifies criteria for public procurement and auctions. The UK government has cancelled the retrofitting of household storage systems. The government's policy of removing VAT on retrofitting household storage systems has come into effect. Additionally, energy storage developer Alcem has received planning permission for a 1.5GW/3GWh storage project. The second round of Greece's auction for long-term operating grants for energy storage projects has opened, with the average winning bid dropping significantly compared to the previous round. Queensland, Australia has released its official Battery Strategy Plan, which includes a A$570 million investment in the state's battery industry.