At the end of 2025, PetroChina and State Grid—two “pivotal” central state-owned enterprises within the energy sector—carried out a highly symbolic “two-way transaction” through their listed subsidiaries:

On the one hand, PetroChina transferred its 3% stake in CNPC Capital to State Grid Yingda without compensation; On the other hand, CNPC Capital acquired 100% of Yingda Futures for 1.129 billion yuan.

On the surface, this appears to be a routine restructuring centred on financial assets; however, against the backdrop of the energy transition, it serves as a clear signal that the old narrative of “oil versus electricity” is being replaced by a new paradigm of “oil and electricity co-construction”.

A collective shift in traditional energy, as seen through a single equity swap

For a long time, the petroleum energy sector and the power system have operated under two distinct sets of logic:

On one hand, the oil and gas system, which is resource-oriented and characterised by long-term investment cycles;

On the other, the power grid, which relies on real-time dispatching and exhibits strong systemic properties.

The arrival of the new energy wave is now breaking down this boundary.

The large-scale integration of solar, wind and electrochemical energy storage has transformed energy from a linear “production-consumption” relationship into a complex system heavily reliant on dispatch capabilities, financial instruments and systemic coordination. This explains why CNPC is no longer content with “electricity cooperation” at the project level, but has instead chosen to form a deep capital-level alliance with State Grid.

A 3% equity stake does not yield short-term returns, but rather secures a “long-term ticket” to the inner circle of the new power system.

The upgrade of the “oil-power alliance“ essentially reflects a shift in the logic of energy competition.

Looking back at past oil-power collaborations, these were largely limited to single-point project cooperation:

shore power upgrades, green power integration, and demonstration projects in specific scenarios, with cooperation ending upon project completion.

This time, however, the difference lies in the fact that—

capital ties come first, followed by the synergy of capabilities.

State Grid Yingda possesses natural advantages in power finance, carbon assets and grid-derived services;

CPC Capital, meanwhile, serves as the core platform for CNPC”s financial expansion, yet has long lacked key footholds in futures and power trading.

Through a model of “equity alignment and capability integration”, the two parties are elevating their partnership from a “project-level” to a “system-level” collaboration.

This shift mirrors the collective transformation currently underway in the renewable energy sector:

a shift from competing on the scale of installed capacity to competing on system capabilities;

a shift from single-energy forms to multi-energy synergy.

In the era of renewable energy, what is truly scarce is “system stability”.

Whether it be solar power bases, grid-connected renewable energy, or distributed energy projects, all face the same challenge:

Volatility and uncertainty are becoming an integral part of system costs.

This is why energy storage is no longer merely an “optional extra”, but is becoming the “foundational infrastructure” of the new energy system.

In CNPC”s recent flurry of new energy initiatives—be it centralised solar power bases, distributed energy, or charging and battery-swapping networks—one core issue remains central:

how to balance supply and demand, smooth out fluctuations, and enhance the dispatchability of energy assets.

And the answer lies precisely in energy storage.

From “energy supply“ to “energy systems“, energy storage has become a pivotal hub

If oil and gas resources determine the “upper limit” of the energy system,

then energy storage capacity is determining the “lower limit of stability” for the new energy system.

In the new power system, the role of energy storage has long transcended that of “simply storing electricity”:

On the generation side, it increases the proportion of renewable energy absorbed;

On the grid side, it participates in peak shaving, frequency regulation and congestion relief;

On the consumer side, it reduces energy costs and enhances supply reliability.

This is also why an increasing number of energy companies are beginning to redefine their positioning—

shifting from single-source energy suppliers to integrated energy system operators.

In light of this trend, energy storage equipment is no longer merely “hardware”, but an integral component of system capability.

Why are more and more projects beginning to prioritise the “system capabilities of the energy storage equipment itself“?

In the practical implementation of projects, a consensus has gradually emerged within the industry:

Energy storage is not about competing on specifications, but on reliability, adaptability and long-term operational capability.

This is also a key reason why Highjoule(HJ Group)’s energy storage systems are attracting attention in an increasing number of projects.

Taking photovoltaic and multi-energy integration scenarios as an example, Highjoule(HJ Group) Energy Storage emphasises the following from the design stage:

A highly modular structure, facilitating expansion and deployment across multiple scenarios

Compatibility with various renewable energy integration methods, suitable for photovoltaic, wind power and integrated energy systems

Comprehensive battery management and energy management systems (BMS + EMS), supporting precise scheduling

Safety and lifespan designs optimised for long-term operation, reducing total lifecycle costs

For energy companies currently transitioning towards “system operations”, such energy storage solutions function more as long-term, reliable system components rather than one-off equipment purchases.

As the energy landscape shifts towards “system warfare“, who holds the advantage?

The recent capital moves by the “Oil and Electricity Bureau” clearly reveal a trend:

Future energy competition will no longer be a contest between individual resources or single technologies, but rather—

who can build a more stable, flexible and controllable energy system.

Within this system:

Oil-based energy provides a long-term, stable foundation

Renewable energy plays a central role in the green transition

Energy storage, meanwhile, becomes the key variable that connects the two and balances the overall system

This also implies that the role of energy storage equipment manufacturers is quietly evolving—

from “supporting suppliers” to “co-creators of system capabilities”.

During this period of reshaping the energy landscape, the real opportunities lie at the system level.

The re-emergence of the “Oil-Electricity-Gas” trio does not signify a return to confrontation, but rather the beginning of a new round of strategic competition.

As the energy industry transitions from “point breakthroughs” to “systemic competition”,

those enterprises capable of providing stable, reliable and scalable energy storage solutions will become an indispensable component of the new energy system.

Whether it be the strategic transformation of state-owned energy enterprises or the growing demand from industrial and commercial users for energy certainty, energy storage is moving from behind the scenes to the forefront.

If you are focusing on the long-term value of photovoltaic, renewable energy and multi-energy integration projects, or are seeking energy storage equipment solutions that are more reliable and better suited to system-level applications, perhaps now is the right time to explore Highjoule(HJ Group)’s energy storage solutions in greater depth.