Lifecycle Cost and Performance Analysis of Utility-Scale Energy Storage Technologies

Abstract

The rising adoption of renewable energy sources in contemporary power systems has heightened the demand of providing efficient and reliable energy storage systems in order to resolve the intermittency and grid stability problems. Utility-scale energy storage technology is important because it facilitates balancing of energy, control of peak loads, as well as assimilating generation sources that vary. Nonetheless, choosing the right storage technology is not possible without an in-depth knowledge of the lifecycle cost, as well as the performance attributes. This paper outlines a closer examination of the key utility-scale energy storage technologies, such as electrochemical, mechanical, thermal and chemical storage technologies and their techno-economic and operational characteristics. The performance metrics including round-trip efficiency, energy density and cycle life are also examined in contrast to the lifecycle cost indicators, especially Levelized Cost of storage (LCOS). A comparative analysis is used to determine a trade-off between cost and efficiency and lifespan among various technologies. Moreover, a combined conceptual framework is suggested to be used in decision-making on grid-scale energy storage deployment. Recent challenges such as high costs of capital, degradation uncertainties and environmental issues are also mentioned in the review and current research avenues such as hybrid storage systems and optimization based on AI are also explained. The work would offer great knowledge to the researchers, policymakers and industry stakeholders in developing a sustainable and cost-effective energy storage technology.