A study of long duration energy storage technologies’ readiness as grid-balancing solutions
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Insinööritieteiden korkeakoulu |
Master's thesis
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Authors
Date
2024-08-19
Department
Major/Subject
Sustainable Energy Conversion Processes
Mcode
ENG3069
Degree programme
Master's Programme in Advanced Energy Solutions (AAE)
Language
en
Pages
72 + 8
Series
Abstract
Rapid scale-up of renewable energy technologies in the global energy system means that energy from renewable sources could account for more than 42% of global electricity production by 2028. As the penetration of variable renewable (VRE) sources increases in the power system, there is a need to ensure system reliability with adequate flexibility and balancing technologies that can make up for the inherently intermittent nature of VREs. Energy storage technologies are regarded as possible compensating technologies for VREs in power systems. Even more so, long-duration energy storage systems are seen as essential for future grids with high VRE penetration. This study aims to assess different long-duration energy storage technologies to compare them based on their technology readiness, costs, and sustainability. The thesis analyses the latest technical parameters of selected storage systems to identify technical challenges currently facing them and highlight possible development pathways for the future. Then, a levelized cost of storage (LCOS) model is used to analyse the current cost of the selected technologies in different applications based on discharge durations. The outcome of this study revealed that battery technologies like Lithium-ion and Vanadium Redox Flow Batteries still face resource availability challenges and energy density limitations. Also, more deployment of mechanical storage systems like Pumped hydroelectric, Compressed Air, and gravity storage systems are limited by geography. The economic analysis shows that for 6-hour duration and above, Vanadium redox flow batteries have the highest cost among all storage options considered and compressed air energy storages have the lowest. The current storage cost of lithium-ion batteries is between 91 €/MWh and 500 €/MWh for 1 and 100-hour durations respectively. When compared to conventional gas thermal power plants, the storage technologies still have a higher cost per energy (€/MWh).Description
Supervisor
Kaario, OssiThesis advisor
Ball, MichaelKeywords
long-duration energy storage, variable renewable energy, flexibility, LCOS