Electrical energy storage systems: A comparative life cycle cost analysis

Behnam Zakeri*, Sanna Syri

*Corresponding author for this work

    Research output: Contribution to journalArticleScientificpeer-review

    809 Citations (Scopus)

    Abstract

    Large-scale deployment of intermittent renewable energy (namely wind energy and solar PV) may entail new challenges in power systems and more volatility in power prices in liberalized electricity markets. Energy storage can diminish this imbalance, relieving the grid congestion, and promoting distributed generation. The economic implications of grid-scale electrical energy storage technologies are however obscure for the experts, power grid operators, regulators, and power producers. A meticulous technoeconomic or cost-benefit analysis of electricity storage systems requires consistent, updated cost data and a holistic cost analysis framework. To this end, this study critically examines the existing literature in the analysis of life cycle costs of utility-scale electricity storage systems, providing an updated database for the cost elements (capital costs, operational and maintenance costs, and replacement costs). Moreover, life cycle costs and levelized cost of electricity delivered by electrical energy storage is analyzed, employing Monte Carlo method to consider uncertainties. The examined energy storage technologies include pumped hydropower storage, compressed air energy storage (CAES), flywheel, electrochemical batteries (e.g. lead-acid, NaS, Li-ion, and Ni-Cd), flow batteries (e.g. vanadium-redox), superconducting magnetic energy storage, supercapacitors, and hydrogen energy storage (power to gas technologies). The results illustrate the economy of different storage systems for three main applications: bulk energy storage, T&D support services, and frequency regulation.

    Original languageEnglish
    Pages (from-to)569-596
    Number of pages28
    JournalRenewable and Sustainable Energy Reviews
    Volume42
    DOIs
    Publication statusPublished - 2015
    MoE publication typeA1 Journal article-refereed

    Keywords

    • Battery energy storage
    • Cost of energy storage
    • Electricity market
    • Electricity storage
    • Renewable energy integration
    • Smart grid
    • Techno-economic analysis

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