Kestrel Cell Research
Storage Tender TrackerNo. 11 · October 2026
Storage Tender Tracker · Global awardsData to 30 September 2026
System prices rise as cell costs close the gap
Chinese awards for lithium iron phosphate storage systems averaged 6.8 US cents per Wh in September, the second monthly rise. The gap between award price and cell cost is the narrowest we have recorded
1Awards published in September
We logged 55 storage awards in September with a combined 22.0 GWh. China supplied two thirds of the volume. Two large Gulf awards lifted the Middle East to 2.3 GWh in a month when it published nothing in August.1
| Market | Awards | GWh | Average ¢/Wh | Change on Aug |
|---|---|---|---|---|
| China | 38 | 14.6 | 6.8 | +0.1 |
| India | 6 | 3.2 | 9.4 | +0.3 |
| Middle East | 2 | 2.3 | 8.9 | No Aug awards |
| Europe | 9 | 1.9 | 16.2 | Down 0.4 |
| All markets | 55 | 22.0 | 8.2 | +0.2 |
Source: Chinese state generator procurement portals, SECI and NTPC tender results, EU Tenders Electronic Daily, grid operator auction results, Kestrel Cell Research estimates
2Largest awards
The five largest awards carried 7.7 GWh, 35 percent of the month's volume. Both Chinese lots went to bidders that make their own cells, and both priced below the Chinese average.2
| Buyer | Lot | GWh | Winning bidder | ¢/Wh |
|---|---|---|---|---|
| Chinese state generator, Inner Mongolia | 2 h systems | 2.4 | Cell maker | 6.5 |
| Chinese state generator, Xinjiang | 4 h systems | 2.0 | Cell maker | 6.6 |
| Gulf utility, Saudi Arabia | 4 h turnkey | 1.8 | Chinese integrator | 8.7 |
| Indian central utility, Rajasthan | 2 h turnkey | 1.0 | Indian contractor | 9.2 |
| Grid scale developer, Scotland | 2 h turnkey | 0.5 | European integrator | 15.8 |
Source: Chinese state generator procurement portals, SECI and NTPC tender results, EU Tenders Electronic Daily, grid operator auction results, Kestrel Cell Research estimates
3Award prices against cell cost
Chinese system prices fell for seven months to April while cell costs rose steadily. Awards have now risen twice in a row, and the gap between a system award and the cell inside it has narrowed from 4.0 cents to 2.2 cents in a year.
Source: Chinese state generator procurement portals, SECI and NTPC tender results, EU Tenders Electronic Daily, grid operator auction results, Kestrel Cell Research estimates
Source: Chinese state generator procurement portals, SECI and NTPC tender results, EU Tenders Electronic Daily, grid operator auction results, Kestrel Cell Research estimates
4Against our Cell Cost Index
5What to watch in October
Results of the two largest Chinese framework tenders of the year, both due to close in late October, the next round of SECI storage awards, and whether European prices keep falling as more Chinese integrators bid there.
How this tracker is built
- An award counts when the buyer publishes a winning bidder and price, not at tender launch or shortlist
- Prices are converted to US cents per Wh of rated energy at the month's average reference rate, excluding VAT and grid connection
- Every award traces to a published notice held on file for subscribers who ask
Approved for subscribersTomas EkholmDirector of Storage Research · 8 October 2026
1 Market averages are weighted by GWh. Turnkey awards include installation; system awards cover equipment delivered to site.
2 Buyers publish bidder names. This edition describes bidders by type; subscribers receive the names in the data file.