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Techno-Economic Evaluation of a Compressed CO 2 Energy Storage System for Load Shifting Based on Dynamic Modelling

Author

Listed:
  • Bin Zhang

    (Shandong Electric Power Engineering Consulting Institute Co., Ltd., Jinan 250013, China)

  • Junbo Yang

    (Shandong Electric Power Engineering Consulting Institute Co., Ltd., Jinan 250013, China)

  • Sule Tian

    (Shandong Electric Power Engineering Consulting Institute Co., Ltd., Jinan 250013, China)

  • Qingxi Huang

    (Institute of Thermal Science and Technology, Shandong University, Jinan 250061, China)

  • Wei Wang

    (Institute of Thermal Science and Technology, Shandong University, Jinan 250061, China)

  • Qie Sun

    (Institute of Thermal Science and Technology, Shandong University, Jinan 250061, China)

  • Xiaohan Ren

    (Institute of Thermal Science and Technology, Shandong University, Jinan 250061, China)

Abstract

To reduce the electricity grid’s valley—peak difference, thereby resulting in a smoother electricity load, this study employs a compressed CO 2 energy storage system to facilitate load shifting. Load shifting by the CCES system not only enhances the energy flexibility of the electricity load but also creates energy arbitrage from variations in the electricity prices. An optimization model is developed to optimize the operation of the CCES system to minimize the standard deviation of the electricity load. Thereby, load shifting by the CCES system can be achieved. Based on the real electricity loads and prices, results indicate that, with an energy storage capacity of 267 MWh, the CCES system can provide 3845 MWh, 4052 MWh, and 3816 MWh of upward flexible energy and 3846 MWh, 3180 MWh, and 3735 MWh of downward flexible energy during a week in summer, winter, and the transition season, respectively. With a lifespan of 35 years, the CCES system can attain a net present value (NPV) of MUSD 239.9 and a payback time of 2 years. The sensitivity analysis shows that increasing the energy storage capacity of the CCES system augments both the upward and downward flexible energy of the electricity load but reduces the NPV of the CCES system.

Suggested Citation

  • Bin Zhang & Junbo Yang & Sule Tian & Qingxi Huang & Wei Wang & Qie Sun & Xiaohan Ren, 2023. "Techno-Economic Evaluation of a Compressed CO 2 Energy Storage System for Load Shifting Based on Dynamic Modelling," Energies, MDPI, vol. 16(23), pages 1-15, December.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:23:p:7894-:d:1293278
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    References listed on IDEAS

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