Electricity demand is going to increase everywhere if cars switch from hydrocarbons to being powered by electricity.
It could be 2x today's level in some already developed countries
I thought the benchmark electricity price in China (which is set by Coal) is still at $5/MWh?
Also, BESS costs are really dependent on the upfront installation cost versus the number of times it is cycled.
In comparison, a coal thermal plant has low upfront costs and high ongoing fuel costs.
So if you start using BESS systems as intermittency backups instead of coal, BESS costs will start ballooning worse than for backup coal plants.
---
Also, this article below says hydro is still costs significantly less than BESS? And it's based on 1 cycle per day
It's also listing hydro with a 77% round trip energy efficiency. I recall seeing 70% being quoted in other places previously.