Economic and financial appraisal of novel large-scale energy storage technologies
| Autor: | Chun Sing Lai, Giorgio Locatelli |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Primary energy
020209 energy financial model Pumped-heat energy storage 02 engineering and technology Financial model pumped-heat energy storage Industrial and Manufacturing Engineering Energy storage 020401 chemical engineering 0202 electrical engineering electronic engineering information engineering Economics Capital cost 0204 chemical engineering Electrical and Electronic Engineering Cost of electricity by source Civil and Structural Engineering Finance Wind power business.industry generation integrated energy storage Mechanical Engineering Internal rate of return Building and Construction wind power Pollution General Energy Electricity generation Electricity Generation integrated energy storage business |
| ISSN: | 0360-5442 |
| Popis: | © 2020 The Authors. Energy storage can store surplus electricity generation and provide power system flexibility. A Generation Integrated Energy Storage system (GIES) is a class of energy storage that stores energy at some point along with the transformation between the primary energy form and electricity. The investigation of the economic and financial merits of novel energy storage systems and GIES is relevant as these technologies are in their infancy, and there are multiple technological, economic, and financial uncertainties and opportunities. This paper presents and applies a state-of-the-art model to compare the economics and financial merits for GIES (with pumped-heat energy storage) and non-GIES (with a Lithium-ion battery) systems coupled with wind generation in the United Kingdom. The deterministic, risk, and sensitivity analyses show that, for GIES’s economics, the key driver is the generator capital cost; for non-GIES, the energy storage capital cost is the most important factor. A Monte Carlo analysis shows that the levelized cost of electricity values for GIES and non-GIES are 0.05 £/kWh - 0.12 £/kWh and 0.07 £/kWh - 0.11 £/kWh, respectively, for a 100 MW wind power generator and 100 MWh energy storage. The internal rate of return values for GIES and non-GIES are uncertain and range between 2%-22% and 5%–14%, respectively. EPSRC grant “GIES: Generation Integrated Energy Storage: A Paradigm Shift” (EP/P022049/1). |
| Databáze: | OpenAIRE |
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