Economic feasibility of flow batteries in grid-scale applications

Research output: Chapter in Book/Report/Conference proceedingConference contributionScientificpeer-review

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Economic feasibility of flow batteries in grid-scale applications. / Buiskikh, Dmitry; Zakeri, Behnam; Syri, Sanna; Kauranen, Pertti.

15th International Conference on the European Energy Market, EEM 2018. Vol. 2018-June 2018. 8470012.

Research output: Chapter in Book/Report/Conference proceedingConference contributionScientificpeer-review

Harvard

Buiskikh, D, Zakeri, B, Syri, S & Kauranen, P 2018, Economic feasibility of flow batteries in grid-scale applications. in 15th International Conference on the European Energy Market, EEM 2018. vol. 2018-June, 8470012, International Conference on the European Energy Market, Lodz, Poland, 27/06/2018. https://doi.org/10.1109/EEM.2018.8470012

APA

Buiskikh, D., Zakeri, B., Syri, S., & Kauranen, P. (2018). Economic feasibility of flow batteries in grid-scale applications. In 15th International Conference on the European Energy Market, EEM 2018 (Vol. 2018-June). [8470012] https://doi.org/10.1109/EEM.2018.8470012

Vancouver

Buiskikh D, Zakeri B, Syri S, Kauranen P. Economic feasibility of flow batteries in grid-scale applications. In 15th International Conference on the European Energy Market, EEM 2018. Vol. 2018-June. 2018. 8470012 https://doi.org/10.1109/EEM.2018.8470012

Author

Buiskikh, Dmitry ; Zakeri, Behnam ; Syri, Sanna ; Kauranen, Pertti. / Economic feasibility of flow batteries in grid-scale applications. 15th International Conference on the European Energy Market, EEM 2018. Vol. 2018-June 2018.

Bibtex - Download

@inproceedings{822814c5ecc641d68029ed5970017175,
title = "Economic feasibility of flow batteries in grid-scale applications",
abstract = "Due to their properties, the most suitable application for flow batteries currently is a bulk energy storage. This paper investigates the economic feasibility of the technology in terms of monetary profitability in the appropriate business cases, namely employment in energy markets and in isolated island systems with the high share of renewable generation. We calculate the flow batteries life cycle costs and compare them with the potential revenues from participation in the Finnish energy markets and operation in isolated power systems of the Faroe Islands and the island of Graciosa. We find that the flow batteries exploitation in the Finnish market is not profitable - they collect 43-60{\%} of their costs in the most promising application. The island cases represent a more viable option due to the high fuel costs of the thermal plants that the batteries and renewable sources substitute or decrease their share. However, the revenue and subsequent profitability highly depend on the volatile fuel prices.",
keywords = "Cost-benefit analysis, Energy storage, Flow batteries",
author = "Dmitry Buiskikh and Behnam Zakeri and Sanna Syri and Pertti Kauranen",
year = "2018",
month = "9",
day = "20",
doi = "10.1109/EEM.2018.8470012",
language = "English",
volume = "2018-June",
booktitle = "15th International Conference on the European Energy Market, EEM 2018",

}

RIS - Download

TY - GEN

T1 - Economic feasibility of flow batteries in grid-scale applications

AU - Buiskikh, Dmitry

AU - Zakeri, Behnam

AU - Syri, Sanna

AU - Kauranen, Pertti

PY - 2018/9/20

Y1 - 2018/9/20

N2 - Due to their properties, the most suitable application for flow batteries currently is a bulk energy storage. This paper investigates the economic feasibility of the technology in terms of monetary profitability in the appropriate business cases, namely employment in energy markets and in isolated island systems with the high share of renewable generation. We calculate the flow batteries life cycle costs and compare them with the potential revenues from participation in the Finnish energy markets and operation in isolated power systems of the Faroe Islands and the island of Graciosa. We find that the flow batteries exploitation in the Finnish market is not profitable - they collect 43-60% of their costs in the most promising application. The island cases represent a more viable option due to the high fuel costs of the thermal plants that the batteries and renewable sources substitute or decrease their share. However, the revenue and subsequent profitability highly depend on the volatile fuel prices.

AB - Due to their properties, the most suitable application for flow batteries currently is a bulk energy storage. This paper investigates the economic feasibility of the technology in terms of monetary profitability in the appropriate business cases, namely employment in energy markets and in isolated island systems with the high share of renewable generation. We calculate the flow batteries life cycle costs and compare them with the potential revenues from participation in the Finnish energy markets and operation in isolated power systems of the Faroe Islands and the island of Graciosa. We find that the flow batteries exploitation in the Finnish market is not profitable - they collect 43-60% of their costs in the most promising application. The island cases represent a more viable option due to the high fuel costs of the thermal plants that the batteries and renewable sources substitute or decrease their share. However, the revenue and subsequent profitability highly depend on the volatile fuel prices.

KW - Cost-benefit analysis

KW - Energy storage

KW - Flow batteries

UR - http://www.scopus.com/inward/record.url?scp=85055590027&partnerID=8YFLogxK

U2 - 10.1109/EEM.2018.8470012

DO - 10.1109/EEM.2018.8470012

M3 - Conference contribution

VL - 2018-June

BT - 15th International Conference on the European Energy Market, EEM 2018

ER -

ID: 30789141