IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v17y2024i5p1084-d1345172.html
   My bibliography  Save this article

Techno-Economic Comparison of Electricity Storage Options in a Fully Renewable Energy System

Author

Listed:
  • Sebastiaan Mulder

    (Faculty of Mechanical Engineering, Delft University of Technology, 2628 CB Delft, The Netherlands)

  • Sikke Klein

    (Faculty of Mechanical Engineering, Delft University of Technology, 2628 CB Delft, The Netherlands)

Abstract

To support increasing renewable capacity for a net-zero future, energy storage will play a key role in maintaining grid stability. In this paper, all current and near-future energy storage technologies are compared for three different scenarios: (1) fixed electricity buy-in price, (2) market-based electricity buy-in price, and (3) energy storage integrated into a fully renewable electricity system. In the first part of this study, an algorithm is devised to simulate strategic buy-in of electricity for energy storage. This analysis yields a qualitative decision-making tool for a given energy storage duration and size. Building upon the first part’s findings, an integration study gives insight into expected power prices and expected storage size in a typical northwestern European fully renewable energy system. The integration study shows significant need for electricity storage with durations spanning from one to several days, typically around 40 h. Pumped Hydro Storage and Pumped Thermal storage surface as the best options. The overall levelized costs of storage are expected to be in the USD 200–500/MWh range. Integration of storage with renewables can yield a system-levelized cost of electricity of about USD 150/MWh. Allowing flexibility in demand may lower the overall system-levelized cost of electricity to USD 100/MWh.

Suggested Citation

  • Sebastiaan Mulder & Sikke Klein, 2024. "Techno-Economic Comparison of Electricity Storage Options in a Fully Renewable Energy System," Energies, MDPI, vol. 17(5), pages 1-32, February.
    • Handle: RePEc:gam:jeners:v:17:y:2024:i:5:p:1084-:d:1345172
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/17/5/1084/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/17/5/1084/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rehman, Shafiqur & Al-Hadhrami, Luai M. & Alam, Md. Mahbub, 2015. "Pumped hydro energy storage system: A technological review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 44(C), pages 586-598.
    2. Hirth, Lion & Mühlenpfordt, Jonathan & Bulkeley, Marisa, 2018. "The ENTSO-E Transparency Platform – A review of Europe’s most ambitious electricity data platform," Applied Energy, Elsevier, vol. 225(C), pages 1054-1067.
    3. Bernath, Christiane & Deac, Gerda & Sensfuß, Frank, 2021. "Impact of sector coupling on the market value of renewable energies – A model-based scenario analysis," Applied Energy, Elsevier, vol. 281(C).
    4. Kim, Juwon & Noh, Yeelyong & Chang, Daejun, 2018. "Storage system for distributed-energy generation using liquid air combined with liquefied natural gas," Applied Energy, Elsevier, vol. 212(C), pages 1417-1432.
    5. Heffron, Raphael & Körner, Marc-Fabian & Wagner, Jonathan & Weibelzahl, Martin & Fridgen, Gilbert, 2020. "Industrial demand-side flexibility: A key element of a just energy transition and industrial development," Applied Energy, Elsevier, vol. 269(C).
    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. Qi, Meng & Park, Jinwoo & Kim, Jeongdong & Lee, Inkyu & Moon, Il, 2020. "Advanced integration of LNG regasification power plant with liquid air energy storage: Enhancements in flexibility, safety, and power generation," Applied Energy, Elsevier, vol. 269(C).
    2. O'Callaghan, O. & Donnellan, P., 2021. "Liquid air energy storage systems: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 146(C).
    3. Körner, Marc-Fabian & Sedlmeir, Johannes & Weibelzahl, Martin & Fridgen, Gilbert & Heine, Moreen & Neumann, Christoph, 2022. "Systemic risks in electricity systems: A perspective on the potential of digital technologies," Energy Policy, Elsevier, vol. 164(C).
    4. Makhdoomi, Sina & Askarzadeh, Alireza, 2020. "Daily performance optimization of a grid-connected hybrid system composed of photovoltaic and pumped hydro storage (PV/PHS)," Renewable Energy, Elsevier, vol. 159(C), pages 272-285.
    5. Qi, Meng & Park, Jinwoo & Lee, Inkyu & Moon, Il, 2022. "Liquid air as an emerging energy vector towards carbon neutrality: A multi-scale systems perspective," Renewable and Sustainable Energy Reviews, Elsevier, vol. 159(C).
    6. Devine, Mel T. & Russo, Marianna, 2019. "Liquefied natural gas and gas storage valuation: Lessons from the integrated Irish and UK markets," Applied Energy, Elsevier, vol. 238(C), pages 1389-1406.
    7. Omoyele, Olalekan & Hoffmann, Maximilian & Koivisto, Matti & Larrañeta, Miguel & Weinand, Jann Michael & Linßen, Jochen & Stolten, Detlef, 2024. "Increasing the resolution of solar and wind time series for energy system modeling: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PB).
    8. Łukasz Jarosław Kozar & Robert Matusiak & Marta Paduszyńska & Adam Sulich, 2022. "Green Jobs in the EU Renewable Energy Sector: Quantile Regression Approach," Energies, MDPI, vol. 15(18), pages 1-21, September.
    9. Heo, SungKu & Byun, Jaewon & Ifaei, Pouya & Ko, Jaerak & Ha, Byeongmin & Hwangbo, Soonho & Yoo, ChangKyoo, 2024. "Towards mega-scale decarbonized industrial park (Mega-DIP): Generative AI-driven techno-economic and environmental assessment of renewable and sustainable energy utilization in petrochemical industry," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PA).
    10. Koh, Rachel & Kern, Jordan & Galelli, Stefano, 2022. "Hard-coupling water and power system models increases the complementarity of renewable energy sources," Applied Energy, Elsevier, vol. 321(C).
    11. Chen, Sheng & Wang, Jing & Zhang, Jian & Yu, Xiaodong & He, Wei, 2020. "Transient behavior of two-stage load rejection for multiple units system in pumped storage plants," Renewable Energy, Elsevier, vol. 160(C), pages 1012-1022.
    12. Tafone, Alessio & Borri, Emiliano & Cabeza, Luisa F. & Romagnoli, Alessandro, 2021. "Innovative cryogenic Phase Change Material (PCM) based cold thermal energy storage for Liquid Air Energy Storage (LAES) – Numerical dynamic modelling and experimental study of a packed bed unit," Applied Energy, Elsevier, vol. 301(C).
    13. Bai, Jiayu & Wei, Wei & Chen, Laijun & Mei, Shengwei, 2020. "Modeling and dispatch of advanced adiabatic compressed air energy storage under wide operating range in distribution systems with renewable generation," Energy, Elsevier, vol. 206(C).
    14. Vassilis M. Charitopoulos & Mathilde Fajardy & Chi Kong Chyong & David M. Reiner, 2022. "The case of 100% electrification of domestic heat in Great Britain," Working Papers EPRG2206, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    15. Mehrabankhomartash, Mahmoud & Rayati, Mohammad & Sheikhi, Aras & Ranjbar, Ali Mohammad, 2017. "Practical battery size optimization of a PV system by considering individual customer damage function," Renewable and Sustainable Energy Reviews, Elsevier, vol. 67(C), pages 36-50.
    16. Jonathan Fahlbeck & Håkan Nilsson & Saeed Salehi, 2021. "Flow Characteristics of Preliminary Shutdown and Startup Sequences for a Model Counter-Rotating Pump-Turbine," Energies, MDPI, vol. 14(12), pages 1-17, June.
    17. Fridgen, Gilbert & Keller, Robert & Körner, Marc-Fabian & Schöpf, Michael, 2020. "A holistic view on sector coupling," Energy Policy, Elsevier, vol. 147(C).
    18. Shabani, Masoume & Mahmoudimehr, Javad, 2019. "Influence of climatological data records on design of a standalone hybrid PV-hydroelectric power system," Renewable Energy, Elsevier, vol. 141(C), pages 181-194.
    19. Abdul, Daud & Wenqi, Jiang & Tanveer, Arsalan, 2022. "Prioritization of renewable energy source for electricity generation through AHP-VIKOR integrated methodology," Renewable Energy, Elsevier, vol. 184(C), pages 1018-1032.
    20. Pejman Bahramian, 2021. "Integration of wind power into an electricity system using pumped-storage: Economic challenges and stakeholder impacts," Working Paper 1480, Economics Department, Queen's University.

    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:gam:jeners:v:17:y:2024:i:5:p:1084-:d:1345172. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.