IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v220y2024ics0960148123015021.html
   My bibliography  Save this article

Analytical and quantitative assessment of capital expenditures for construction of an aboveground suspended weight energy storage

Author

Listed:
  • Kropotin, P.
  • Marchuk, I.

Abstract

The capital expenditures to energy capacity ratio (capex) stands as a key competitive metric for energy storage systems. This paper presents an evaluation of this indicator for an aboveground suspended weight energy storage system. For the first time, an analytical foundational correlation was found between capital expenditures of gravity energy storage, its energy capacity, and storage power. The correlation reveals that capex can be expressed as the sum of three components: one inversely proportional to discharge duration, another inversely proportional to the square root of energy capacity, and a constant term. By using established construction and power element prices the study demonstrates that capex can be reduced to less than 600 $/kW·h for discharge durations of 4 h or more, and can decrease to nearly 450 $/kW·h for a 10-h discharge duration. Employing the computed capex an evaluation of the total cost of ownership was conducted and juxtaposed with lithium-ion energy storage. The gains from adopting gravity technology become significant starting from the initial replacement of degraded Li-ion batteries. This scenario results in nearly a twofold savings in the ownership cost of gravity energy storage system over a 20-year operational span with further prospects for enhanced economic benefits.

Suggested Citation

  • Kropotin, P. & Marchuk, I., 2024. "Analytical and quantitative assessment of capital expenditures for construction of an aboveground suspended weight energy storage," Renewable Energy, Elsevier, vol. 220(C).
    • Handle: RePEc:eee:renene:v:220:y:2024:i:c:s0960148123015021
    DOI: 10.1016/j.renene.2023.119587
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148123015021
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.renene.2023.119587?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Berrada, Asmae, 2022. "Financial and economic modeling of large-scale gravity energy storage system," Renewable Energy, Elsevier, vol. 192(C), pages 405-419.
    2. Zoran Pučko & Damjan Maučec & Nataša Šuman, 2020. "Energy and Cost Analysis of Building Envelope Components Using BIM: A Systematic Approach," Energies, MDPI, vol. 13(10), pages 1-24, May.
    3. Michal Ženíšek & Jan Pešta & Martin Tipka & Vladimír Kočí & Petr Hájek, 2020. "Optimization of RC Structures in Terms of Cost and Environmental Impact—Case Study," Sustainability, MDPI, vol. 12(20), pages 1-25, October.
    4. Lai, Chun Sing & Locatelli, Giorgio, 2021. "Economic and financial appraisal of novel large-scale energy storage technologies," Energy, Elsevier, vol. 214(C).
    5. Morstyn, Thomas & Chilcott, Martin & McCulloch, Malcolm D., 2019. "Gravity energy storage with suspended weights for abandoned mine shafts," Applied Energy, Elsevier, vol. 239(C), pages 201-206.
    6. Zhenmin Yuan & Jianliang Zhou & Yaning Qiao & Yadi Zhang & Dandan Liu & Hui Zhu, 2020. "BIM-VE-Based Optimization of Green Building Envelope from the Perspective of both Energy Saving and Life Cycle Cost," Sustainability, MDPI, vol. 12(19), pages 1-16, September.
    7. Jingcui Li & Jifang Wan & Yan Xia & Sixiang Zhao & Guowei Song & Yuxian He, 2023. "A Feasibility Study on Gravity Power Generation Technology by Virtue of Abandoned Oil-Gas Wells in China," Energies, MDPI, vol. 16(4), pages 1-15, February.
    8. Han, Ouzhu & Ding, Tao & Zhang, Xiaosheng & Mu, Chenggang & He, Xinran & Zhang, Hongji & Jia, Wenhao & Ma, Zhoujun, 2023. "A shared energy storage business model for data center clusters considering renewable energy uncertainties," Renewable Energy, Elsevier, vol. 202(C), pages 1273-1290.
    9. Hunt, Julian David & Zakeri, Behnam & Falchetta, Giacomo & Nascimento, Andreas & Wada, Yoshihide & Riahi, Keywan, 2020. "Mountain Gravity Energy Storage: A new solution for closing the gap between existing short- and long-term storage technologies," Energy, Elsevier, vol. 190(C).
    10. Lin, Yu-Hao & Tsai, Kang-Ting & Lin, Min-Der & Yang, Ming-Der, 2016. "Design optimization of office building envelope configurations for energy conservation," Applied Energy, Elsevier, vol. 171(C), pages 336-346.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jungsik Choi & Sejin Lee, 2023. "A Suggestion of the Alternatives Evaluation Method through IFC-Based Building Energy Performance Analysis," Sustainability, MDPI, vol. 15(3), pages 1-14, January.
    2. Jurasz, Jakub & Piasecki, Adam & Hunt, Julian & Zheng, Wandong & Ma, Tao & Kies, Alexander, 2022. "Building integrated pumped-storage potential on a city scale: An analysis based on geographic information systems," Energy, Elsevier, vol. 242(C).
    3. Zhenmin Yuan & Jianliang Zhou & Yaning Qiao & Yadi Zhang & Dandan Liu & Hui Zhu, 2020. "BIM-VE-Based Optimization of Green Building Envelope from the Perspective of both Energy Saving and Life Cycle Cost," Sustainability, MDPI, vol. 12(19), pages 1-16, September.
    4. Jarosław Kulpa & Paweł Kamiński & Kinga Stecuła & Dariusz Prostański & Piotr Matusiak & Daniel Kowol & Michał Kopacz & Piotr Olczak, 2021. "Technical and Economic Aspects of Electric Energy Storage in a Mine Shaft—Budryk Case Study," Energies, MDPI, vol. 14(21), pages 1-14, November.
    5. Julian David Hunt & Behnam Zakeri & Jakub Jurasz & Wenxuan Tong & Paweł B. Dąbek & Roberto Brandão & Epari Ritesh Patro & Bojan Đurin & Walter Leal Filho & Yoshihide Wada & Bas van Ruijven & Keywan Ri, 2023. "Underground Gravity Energy Storage: A Solution for Long-Term Energy Storage," Energies, MDPI, vol. 16(2), pages 1-20, January.
    6. Muhammad Altaf & Wesam Salah Alaloul & Muhammad Ali Musarat & Abdul Hannan Qureshi, 2023. "Life cycle cost analysis (LCCA) of construction projects: sustainability perspective," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(11), pages 12071-12118, November.
    7. Hunt, Julian David & Nascimento, Andreas & Zakeri, Behnam & Barbosa, Paulo Sérgio Franco, 2022. "Hydrogen Deep Ocean Link: a global sustainable interconnected energy grid," Energy, Elsevier, vol. 249(C).
    8. Ascione, Fabrizio & De Masi, Rosa Francesca & de Rossi, Filippo & Ruggiero, Silvia & Vanoli, Giuseppe Peter, 2016. "Optimization of building envelope design for nZEBs in Mediterranean climate: Performance analysis of residential case study," Applied Energy, Elsevier, vol. 183(C), pages 938-957.
    9. Wei Chen & Yongle Tian & Kaiming Zheng & Nana Wan, 2023. "Influences of mechanisms on investment in renewable energy storage equipment," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(11), pages 12569-12595, November.
    10. Sun, Bo & Fan, Boyang & Zhang, Yifan & Xie, Jingdong, 2023. "Investment decisions and strategies of China's energy storage technology under policy uncertainty: A real options approach," Energy, Elsevier, vol. 278(PA).
    11. Štěpán Kavan & Olga Dvořáčková & Jiří Pokorný & Lenka Brumarová, 2021. "Long-Term Power Outage and Preparedness of the Population of a Region in the Czech Republic—A Case Study," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
    12. Dzido, Aleksandra & Krawczyk, Piotr & Wołowicz, Marcin & Badyda, Krzysztof, 2022. "Comparison of advanced air liquefaction systems in Liquid Air Energy Storage applications," Renewable Energy, Elsevier, vol. 184(C), pages 727-739.
    13. Xiaodong Xu & Chenhuan Yin & Wei Wang & Ning Xu & Tianzhen Hong & Qi Li, 2019. "Revealing Urban Morphology and Outdoor Comfort through Genetic Algorithm-Driven Urban Block Design in Dry and Hot Regions of China," Sustainability, MDPI, vol. 11(13), pages 1-19, July.
    14. Fan, Man & Hu, Ming & Suo, Hanxiao & Kong, Xiangfei & Li, Han & Jia, Jie, 2024. "Preferred method and performance evaluation of heterogeneous composite phase change material (CPCM) wallboard in different seasons," Renewable Energy, Elsevier, vol. 220(C).
    15. Belen Moreno Santamaria & Fernando del Ama Gonzalo & Matthew Griffin & Benito Lauret Aguirregabiria & Juan A. Hernandez Ramos, 2021. "Life Cycle Assessment of Dynamic Water Flow Glazing Envelopes: A Case Study with Real Test Facilities," Energies, MDPI, vol. 14(8), pages 1-17, April.
    16. Julian David Hunt & Andreas Nascimento & Oldrich Joel Romero Guzman & Gilton Carlos de Andrade Furtado & Carla Schwengber ten Caten & Fernanda Munari Caputo Tomé & Walter Leal Filho & Bojan Đurin & Ma, 2022. "Sedimentary Basin Water and Energy Storage: A Low Environmental Impact Option for the Bananal Basin," Energies, MDPI, vol. 15(12), pages 1-18, June.
    17. Richard Arhinful & Mehrshad Radmehr, 2023. "The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Tokyo Stock Exchange," SAGE Open, , vol. 13(4), pages 21582440231, November.
    18. Harkouss, Fatima & Fardoun, Farouk & Biwole, Pascal Henry, 2018. "Passive design optimization of low energy buildings in different climates," Energy, Elsevier, vol. 165(PA), pages 591-613.
    19. O'Grady, Małgorzata & Lechowska, Agnieszka A. & Harte, Annette M., 2017. "Quantification of heat losses through building envelope thermal bridges influenced by wind velocity using the outdoor infrared thermography technique," Applied Energy, Elsevier, vol. 208(C), pages 1038-1052.
    20. Milan Holický & Miroslav Sýkora, 2021. "Reliability Approaches Affecting the Sustainability of Concrete Structures," Sustainability, MDPI, vol. 13(5), pages 1-14, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:renene:v:220:y:2024:i:c:s0960148123015021. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/renewable-energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.