Abstract: The rapid progress of new energy storage technologies provides more options for improving the flexibility of the power system and the opportunities for building a competitive and flexible power market. To adapt to the physical characteristics of energy storage, some foreign independent system operators have explored the market participation mechanisms for new energy storage. In China, a series of domestic power system reform documents have emphasized the importance of capacity remuneration mechanisms to encourage new energy storage investment, but the national-level policy is still under discussion. Combining the technical and economic parameters of mainstream new energy storage technologies with the spot market price curves of typical areas in China, the differences in the economics of various types of new energy storage under the spot market environment and the future trend are measured, and based on the experience and research results of capacity compensation mechanisms at home and abroad, the role of capacity tariffs in enhancing the economics of new energy storage under different capacity compensation mechanism scenarios is investigated. The results show that the new energy storage represented by lithium-ion batteries have begun to present competence in the spot market compared with pumped hydro storage. Giving new energy storage an independent market position and encouraging them to participate in spot markets helps reduce the system integration costs of variable renewable energy. However, the current participation of new energy storage in the power spot market still faces obstacles, so this paper gives policy suggestions for new energy storage in terms of capacity compensation, ancillary service, and spot market development.