Calculation of energy storage costs for new energy power plants

What do you need to know about energy storage?

Energy demand and generation profiles, including peak and off-peak periods. Technical specifications and costs for storage technologies (e.g., lithium-ion batteries, pumped hydro, thermal storage). Current and projected costs for installation, operation, maintenance, and replacement of storage systems.

How much does energy storage cost?

Electricity Energy Storage Technology Options: A White Paper Primer on Applications, Costs and Benefits. EPRI-1020676, Final Report, December 2010, Electric Power Research Institute, Palo Alto, California. RedT Energy Storage. 2018. “Gen 2 machine pricing starting at $490/kWh.”

What is energy storage analysis?

This analysis identifies optimal storage technologies, quantifies costs, and develops strategies to maximize value from energy storage investments. Energy demand and generation profiles, including peak and off-peak periods.

What is the minimum power required for energy storage?

Objective: To compare cost and performance of various energy storage technologies. Minimum system power = 500 kW. DC system (two or more columns provided if you have two different systems on offer). Active heat exchanger (HEX)?

How are battery energy storage costs forecasted?

Forecast procedures are described in the main body of this report. C&C or engineering, procurement, and construction (EPC) costs can be estimated using the footprint or total volume and weight of the battery energy storage system (BESS). For this report, volume was used as a proxy for these metrics.

How much does pumped storage cost?

Pumped storage, when additionally compared on an energy basis, offered a very low cost of $19/kWh-yr using 2018 values if compared to the battery storage technologies, as shown in Figure 5.3. Figure 5.4 shows the results of the remaining non-battery technologies, which have been annualized on a $/kW power basis as opposed to a $/kWh energy basis.