Technically and Economically Viable Future Electricity and Fuel Storage Technologies
Loading...
Journal Title
Journal ISSN
Volume Title
Perustieteiden korkeakoulu |
Master's thesis
Unless otherwise stated, all rights belong to the author. You may download, display and print this publication for Your own personal use. Commercial use is prohibited.
Author
Date
2019-10-23
Department
Major/Subject
Strategy and Venturing
Mcode
SCI3050
Degree programme
Master’s Programme in Industrial Engineering and Management
Language
en
Pages
89+8
Series
Abstract
Due to rapid growth in global energy demand, as well as intermittency characteristics of renewable sources, and fluctuation in energy demand and supply, energy storage technologies are one of the most crucial solutions for the future. This study analyzes several storage technologies in terms of technical and economical viability perspectives, with projections for the near future (up to 2050). Literature surveys, qualitative discussions, and mathematical models are incorporated into the analyses. The working principles of several storage technologies, together with their advantages and disadvantages, are highlighted. This is followed by an in-depth qualitative analysis of technical characteristics. Based on levelized cost of storage models, lithium-ion battery has a significant cost advantage, despite the cost reductions that pumped hydro storage and compressed air energy storage might undergo. Hydrogen storage and some developing technologies such as flow batteries and liquid air energy storage are not yet close to being cost competitive with lithium-ion battery. Additionally, sensitivity analyses were created for two technologies which were addressed with special attention in the energy market, namely lithium-ion battery and hydrogen storage. Sensitivity analyses were constructed based on different variables such as round trip efficiency, lifetime, and annual production, among others. Further analysis regarding sustainability implies that cobalt scarcity will occur after 2042 for lithium-ion batteries. Finally, security/scalability problems for hydrogen storage and the factors slowing down the commercialization of fuel cell technology are underlined.Description
Supervisor
Kauranen, IlkkaThesis advisor
Kortela, VeikkoKeywords
battery, energy storage technologies, fuel cell, hydrogen storage, levelized cost of sStorage, lithium-ion battery
