I also think that PEM means different things to different people and that this probably varies from person to person in terms of how it manifests itself.
I'm sure you're right, and I also imagine it will scale in some way according the severity of a person's ME. So just because someone with mild ME does not experience PEM the same way someone with severe ME does, would not automatically mean they do not get PEM. I'm certain my wife experiences PEM, commensurate with her ME severity, which I think is mild/moderate.
Using the battery analogy. A battery stores chemical energy that can be rapidly converted into electrical energy, immediately it is needed; if rechargeable then its chemical energy can be replenished from externally provided energy. As I understand it (very sketchily!), the ATP cycle manages the storage of chemical energy within our mitochondria, ready for rapid conversion to usable energy immediately the host cells need it; the lost energy being replenished from energy external to the cells. The neat bit being the stored energy is in a form it can be converted rapidly on demand as our bodies need it ... until it runs out.
Observing my wife, I think the battery analogy works, but needs a bit of improvement. Yes, it is as if the battery only gets partly charged, so she has much less stored energy in reserve than if she was healthy; I'd guess 50% at best in my wife's case, but often lower. But I also believe it is as if the battery (and/or maybe its charger) is damaged. So the battery not only fails to reach full charge, but crucially,
takes much longer to recharge, even to its lower charge level. This much extended recharge time, and the notion of a damaged recharging mechanism, is what to me characterises her PEM. Not only does she have negligible energy available during this time, but feels dreadful during it also.
So a healthy (albeit possibly sedentary) person exercises, and reduces their stored energy to a still not that low a level, then takes a normal time for their energy to recharge to normal levels. But it is as if someone with ME exercises, reducing their energy to complete depletion level, and to compound things recharges much more slowly to a lower charge level.
Needless to say I have to highlight that these are just my idle ponderings; I have no medical expertise at all.