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Grid-scale battery energy storage systems (BESSs) are becoming central flexibility assets in electricity systems with rising renewable penetration, changing demand profiles, and increasing system security requirements. This review examines BESS development in Australia, Singapore, China, and New Zealand, comparing strategic policy drivers, market access arrangements, revenue mechanisms, bankability conditions, support instruments, regulatory frameworks, and key deployment risks. Across all four jurisdictions, BESSs are moving from demonstration assets to core infrastructure for renewable integration, frequency control, reserve provision, congestion management, and short-duration energy shifting. The comparison shows that no single business model dominates. Australia relies heavily on volatile wholesale arbitrage, ancillary services, and government underwriting; Singapore emphasises grid resilience, dispatch precision, safety, and space-efficient deployment; China combines national strategic direction with province-specific market implementation; and New Zealand is developing a market-led, location-specific storage model within a high-renewables, hydro-dominated system. The review finds that bankable BESS deployment depends on revenue stacking, fit-for-purpose market rules, clear bidirectional asset classification, robust grid-connection processes, lifecycle safety management, and credible degradation and augmentation strategies. It concludes that BESSs are essential but not sufficient for deep decarbonisation, since long-duration flexibility and wider system reform remain necessary.
Zhang et al. (Mon,) studied this question.