Long-Duration Electricity Storage Applications, Economics, and Technologies-论文阅读讨论-ReadPaper - 轻松读论文 | 专业翻译 | 一键引文 | 图表同屏 (2025)

DOI: 10.1016/j.joule.2019.11.009

Paul AlbertusJoseph S. ManserScott J. Litzelman

Paul AlbertusJoseph S. ManserScott J. Litzelman

Jan 2020

150被引用

2笔记

摘要原文

The feasibility of incorporating a large share of power from variable energy resources such as wind and solar generators depends on the development of cost-effective and application-tailored technologies such as energy storage. Energy storage technologies with longer durations of 10 to 100 h could enable a grid with more renewable power, if the appropriate cost structure and performance—capital costs for power and energy, round-trip efficiency, self-discharge, etc.—can be realized. Although current technologies such as lithium-ion batteries are suitable for a number of applications on the grid, they are not suitable for longer-duration storage applications. Although 10 to 100 h energy storage will help facilitate the integration of renewable power on the grid, it is not long enough to last for seasons, and is not sufficient to enable a grid with 100% renewable power. Given the capital-intensive nature of scaling up a storage technology that can be impactful to the overall electricity grid, rigorous technical and economic evaluations at the laboratory and pilot scale are required. Several major classes of storage technologies may address the long-duration electricity storage cost and performance framework, and efforts are accelerating to identify and develop the most promising storage systems. The United States electricity grid is undergoing rapid changes in response to the sustained low price of natural gas, the falling cost of electricity from variable renewable resources (which are increasingly being paired with Li-ion storage with durations up to ∼4 h at rated power), and state and local decarbonization policies. Although the majority of recent electricity storage system installations have a duration at rated power of up to ∼4 h, several trends and potential applications are identified that require electricity storage with longer durations of 10 to ∼100 h. Such a duration range lies between daily needs that can be satisfied with technologies with the cost structure of lithium-ion batteries and seasonal storage utilizing chemical storage in underground reservoirs. The economics of long-duration storage applications are considered, including contributions for both energy time shift and capacity payments and are shown to differ from the cost structure of applications well served by lithium-ion batteries. In particular, the capital cost for the energy subsystem must be substantially reduced to ∼3 $/kWh (for a duration of ∼100 h), ∼7 $/kWh (for a duration of ∼50 h), or ∼40 $/kWh (for a duration of ∼10 h) on a fully installed basis. Recent developments in major technology classes that may approach the targets of the long-duration electricity storage (LDES) cost framework, including electrochemical, thermal, and mechanical, are briefly reviewed. This perspective, which illustrates the importance of low-cost and high-energy-density storage media, motivates new concepts and approaches for how LDES systems could be economical and provide value to the electricity grid. The United States electricity grid is undergoing rapid changes in response to the sustained low price of natural gas, the falling cost of electricity from variable renewable resources (which are increasingly being paired with Li-ion storage with durations up to ∼4 h at rated power), and state and local decarbonization policies. Although the majority of recent electricity storage system installations have a duration at rated power of up to ∼4 h, several trends and potential applications are identified that require electricity storage with longer durations of 10 to ∼100 h. Such a duration range lies between daily needs that can be satisfied with technologies with the cost structure of lithium-ion batteries and seasonal storage utilizing chemical storage in underground reservoirs. The economics of long-duration storage applications are considered, including contributions for both energy time shift and capacity payments and are shown to differ from the cost structure of applications well served by lithium-ion batteries. In particular, the capital cost for the energy subsystem must be substantially reduced to ∼3 $/kWh (for a duration of ∼100 h), ∼7 $/kWh (for a duration of ∼50 h), or ∼40 $/kWh (for a duration of ∼10 h) on a fully installed basis. Recent developments in major technology classes that may approach the targets of the long-duration electricity storage (LDES) cost framework, including electrochemical, thermal, and mechanical, are briefly reviewed. This perspective, which illustrates the importance of low-cost and high-energy-density storage media, motivates new concepts and approaches for how LDES systems could be economical and provide value to the electricity grid. The United States (US) electricity grid is undergoing rapid changes that create opportunities for new electricity storage applications and may benefit from new electricity storage technologies. First, the levelized cost of electricity (LCOE) from wind and solar photovoltaics is now lower than the new natural-gas-combined cycle power plants, even as sustained low natural gas prices are shifting the fuel mixture away from coal and, in some cases, nuclear.1U.S. Energy Information AdministrationLevelized cost and Levelized avoided cost of new generation resources in the annual energy Outlook 2019.https://www.eia.gov/outlooks/aeo/pdf/electricity_generation.pdfDate: 2019Google Scholar However, unlike the preceding century in which the electricity system was based on a stable supply of chemical fuel, the electricity output from wind and solar installations is variable over time scales ranging from seconds to years. The second major change is a move toward decarbonization. At the time of publication, six US states had policies of 100% clean energy or renewable energy targets signed into law with more under consideration within various state legislatures; many countries, regions, and cities are also pursuing such policies.2Clean Air Task ForceFact Sheet: state and utility climate change targets shift to carbon reductions, technology diversity.https://www.catf.us/wp-content/uploads/2019/05/State-and-Utility-Climate-Change-Targets.pdfDate: 2019Google Scholar Third, states, municipalities, and industries are considering technology options to increase the resiliency of their grids, in part due to rising weather variations and storms, such as Hurricane Maria, which devastated Puerto Rico and the US Virgin Islands.3United States Department of Energy Washington, DCEnergy resilience solutions for the Puerto Rico grid.https://www.energy.gov/sites/prod/files/2018/06/f53/DOE%20Report_Energy%20Resilience%20Solutions%20for%20the%20PR%20Grid%20Final%20June%202018.pdfDate: 2018Google Scholar In each of these cases, cost-effective long-duration electricity storage (LDES), which we consider as durations at a rated power of 10–100 h, could provide clear benefits.4The Advanced Research Projects Agency-Energy (ARPA-E)Duration addition to electricity storage (DAYS) overview.https://arpa-e.energy.gov/sites/default/files/documents/files/DAYS_ProgramOverview_FINAL.pdfDate: 2018Google Scholar Electricity storage services on the grid today are dominated by pumped-storage hydropower (PSH) (in terms of cumulative installations) and lithium-ion (Li-ion) batteries (in terms of share of present annual installations). Molten salt storage at concentrating solar power plants and to a lesser degree on-site thermal storage, are also significant, but here, we focus only on systems that charge with and discharge electricity. PSH, which typically has duration at rated power of 6–10 h, provides peaking capacity and fulfills daily energy time shift applications. However, permitting and large-project financing difficulties have limited additions of PSH.5U.S. Energy Information AdministrationEnergy storage and renewables beyond wind, hydro, solar make up 4% of U.S. power capacity.https://www.eia.gov/todayinenergy/detail.php?id=31372Date: 2017Google Scholar Li-ion batteries are technically capable of being used in projects of a wide range of sizes (e.g., kW to GW and kWh to GWh) and for essentially any duration, but economically viable applications pursued today include frequency regulation (with charge and discharge durations on the order of seconds), reserve markets (tens of minutes), transmission and distribution upgrade deferrals (8 h), and others of ≤10 h of duration.6National Grid National Grid develops innovative solution for an island community’s unique energy challenges.https://news.nationalgridus.com/2017/11/national-grid-develops-innovative-solution-island-communitys-unique-energy-challenges/Date: 2017Google Scholar Table 19 of reference 7 provides an overview of various electricity storage applications.7Akhil A.A. Huff G. Currier A.B. Kaun B.C. Rastler D.M. Chen S.B. Cotter A.L. Bradshaw D.T. Gauntlett W.D. DOE/EPRI 2013 Electricity Storage Handbook in Collaboration with NRECA. Sandia National Laboratories, 2013Google Scholar To make use of low-cost wind and solar and advance decarbonization goals, LDES systems may be configured in at least two ways: (1) as grid-tied, standalone systems, and (2) integrated with solar and/or wind behind a point of common interconnection. Considering first the case of grid-tied systems, variable resources have traditionally been buffered with natural gas-fired peaker plants, though other approaches include transmission expansion, demand-side management (including on-site thermal storage, both hot and cold, of various durations), and electricity storage. For electricity storage, modeling studies have demonstrated that up to approximately 8 h of duration can increase the amount of annual energy from wind and solar that can be utilized on a large regional grid (e.g., CAISO or ERCOT).8Denholm P. Margolis R. Energy storage requirements for achieving 50% solar photovoltaic energy penetration in California. National Renewable Energy Laboratory (NREL), 2016https://www.nrel.gov/docs/fy16osti/66595.pdfCrossref Google Scholar, 9Denholm P. Hand M. Grid flexibility and storage required to achieve very high penetration of variable renewable electricity.Energy Policy. 2011; 39: 1817-1830Crossref Scopus (626) Google Scholar, 10Shaner M.R. Davis S.J. Lewis N.S. Caldeira K. Geophysical constraints on the reliability of solar and wind power in the United States.Energy Environ. Sci. 2018; 11: 914-925Crossref Google Scholar A number of studies have also looked at storage durations longer than approximately 10 h; these have also found that the addition of increasing durations of storage reduces curtailment and increases the use of variable assets like wind and solar, with a falling marginal impact.9Denholm P. Hand M. Grid flexibility and storage required to achieve very high penetration of variable renewable electricity.Energy Policy. 2011; 39: 1817-1830Crossref Scopus (626) Google Scholar, 10Shaner M.R. Davis S.J. Lewis N.S. Caldeira K. Geophysical constraints on the reliability of solar and wind power in the United States.Energy Environ. Sci. 2018; 11: 914-925Crossref Google Scholar, 11Denholm P. Mai T. Timescales of energy storage needed for reducing renewable energy curtailment.Renew. Energy. 2019; 130: 388-399Crossref Scopus (92) Google Scholar, 12Ziegler M.S. Mueller J.M. Pereira G.D. Song J. Ferrara M. Chiang Y. Trancik J.E. Storage requirements and costs of shaping renewable energy Toward grid decarbonization.Joule. 2019; 3: 2134-2153Abstract Full Text Full Text PDF Scopus (151) Google Scholar Further modeling work is needed to accurately quantify the impact of LDES on wind and solar penetration at the regional level and should include realistic handling of transmission power flow constraints, network stability, contingency requirements, opportunity costs of curtailed energy, limits to load flexibility, and other parameters necessary to capture the full complexity of delivering power within a large electricity system. It is also important to point out that while longer-duration assets (e.g., seasonal storage) can potentially serve shorter duration applications such as daily cycling (assuming the efficiency, conversion kinetics, and other attributes are suitable), the converse is not true, which may favor the development of longer-duration assets.13Jones R. System perspectives on long duration storage, ARPA-E.https://docs.wixstatic.com/ugd/a35761_773bbc576d8b4b02ae2c02ad93c6166f.pdfDate: 2017Google Scholar In the context of these studies, Figure 1 provides a high-level and semi-quantitative relationship between the maximum storage duration required to meet demand and the fraction of annual energy from wind and solar. The colored region in Figure 1 indicates typical assumptions associated with renewable curtailment, transmission build-out, and grid flexibility (i.e., number of must-run generators, demand response), while the arrows indicate either more restrictive (to the left) or aggressive (to the right) assumptions. This figure shows that with capacity factors of wind and/or solar installations of ∼20% to 50%, little storage may be needed until higher fractions are reached, especially in regions with optimized blends of wind and solar.8Denholm P. Margolis R. Energy storage requirements for achieving 50% solar photovoltaic energy penetration in California. National Renewable Energy Laboratory (NREL), 2016https://www.nrel.gov/docs/fy16osti/66595.pdfCrossref Google Scholar,9Denholm P. Hand M. Grid flexibility and storage required to achieve very high penetration of variable renewable electricity.Energy Policy. 2011; 39: 1817-1830Crossref Scopus (626) Google Scholar Depending on the characteristics (e.g., quality of solar and/or wind resource, transmission system capabilities, amount of natural gas versus low ramp rate resources) of the region, between about 50% and 80% of annual energy from solar and/or wind can be reached with storage durations of ≤10 h.11Denholm P. Mai T. Timescales of energy storage needed for reducing renewable energy curtailment.Renew. Energy. 2019; 130: 388-399Crossref Scopus (92) Google Scholar However, longer storage durations are likely needed to achieve approximately 70% to 90% of annual energy from wind or solar, with storage durations of ∼10 to the low hundreds of hours.10Shaner M.R. Davis S.J. Lewis N.S. Caldeira K. Geophysical constraints on the reliability of solar and wind power in the United States.Energy Environ. Sci. 2018; 11: 914-925Crossref Google Scholar,14De Sisternes F.J. Jenkins J.D. Botterud A. The value of energy storage in decarbonizing the electricity sector.Appl. Energy. 2016; 175: 368-379Crossref Scopus (237) Google Scholar Given the need for completely reliable electricity supply, storage durations may enter the seasonal and even inter-year realm if the fraction of annual energy from wind and solar approaches 100%.10Shaner M.R. Davis S.J. Lewis N.S. Caldeira K. Geophysical constraints on the reliability of solar and wind power in the United States.Energy Environ. Sci. 2018; 11: 914-925Crossref Google Scholar Achieving a grid powered only by variable sources like wind and solar is generally considered both less economical and higher risk than using a suite of generation technologies, with some that are completely dispatchable and/or that provide baseload.15Clack C.T.M. Qvist S.A. Apt J. Bazilian M. Brandt A.R. Caldeira K. Davis S.J. Diakov V. Handschy M.A. Hines P.D.H. et al.Evaluation of a proposal for reliable low-cost grid power with 100% wind, water, and solar.Proc. Natl. Acad. Sci. USA. 2017; 114: 6722-6727Crossref PubMed Scopus (193) Google Scholar For context on the storage durations in Figure 1, natural gas in the US is stored in quantities equivalent to durations of tens to many thousands of hours of consumption, either in the extensive pipeline infrastructure itself or in below-ground storage facilities that hold over 4 trillion cubic feet of working natural gas (∼1,200 TWh on a primary energy basis, enough to completely supply ∼2 months of US electricity consumption).16U.S. Energy Information AdministrationWeekly natural gas storage report.http://ir.eia.gov/ngs/ngs.htmlDate: 2019Google Scholar Similarly, coal power plants typically store 30–60 days of fuel onsite, while nuclear plants run for ∼2 years before refueling. While it is sometimes stated that electricity is unique in that it is a commodity with little storage, in fact there is a massive, long-duration storage system for the fuels used to make electricity and large numbers of dispatchable generators, to ensure a highly reliable and dynamic electricity supply. LDES systems could also be directly integrated with a wind and/or solar installation behind a point of common interconnection, providing dispatchable output that would mimic, at the level of a single project, current fossil generators. For example, in June 2019, a US utility, NV Energy, announced three solar projects with a combined capacity of 1,200 MW with 590 MW of battery storage; the battery storage systems, which range from 4–5 h of duration, increase the availability of power from 30% to 65%.17Merchant E.F. NV Energy Announces ‘Hulkingly Big’ solar-plus-storage procurement. Green Tech Media, 2016https://www.greentechmedia.com/articles/read/nv-energy-signs-a-whopping-1-2-gigawatts-of-solar-and-590-megawatts-of-stor#gs.w3wb9iGoogle Scholar Although 4–5 h of storage doubles the availability of this solar installation, it remains far from the availability of a traditional fossil fuel or nuclear power plant. Depending on the location (e.g., Maine versus Arizona), asset type (solar, wind, or a mix), and desired output shape (peaker versus baseload), storage systems with tens to approximately 100 h of duration can in many cases deliver the desired output across greater than 90% of the hours in given year.12Ziegler M.S. Mueller J.M. Pereira G.D. Song J. Ferrara M. Chiang Y. Trancik J.E. Storage requirements and costs of shaping renewable energy Toward grid decarbonization.Joule. 2019; 3: 2134-2153Abstract Full Text Full Text PDF Scopus (151) Google Scholar,18Braff W.A. Mueller J.M. Trancik J.E. Value of storage technologies for wind and solar energy.Nat. Clim. Change. 2016; 6: 964-969Crossref Scopus (199) Google Scholar Indeed, variable renewable-plus-storage plants with 100% expected availability over a 20-year period may be designed with output prices for specific generation profiles of <0.10 $/kWh given LDES storage costs of 1,000 $/kW and 20 $/kWh and durations around 100 h at rated power.12Ziegler M.S. Mueller J.M. Pereira G.D. Song J. Ferrara M. Chiang Y. Trancik J.E. Storage requirements and costs of shaping renewable energy Toward grid decarbonization.Joule. 2019; 3: 2134-2153Abstract Full Text Full Text PDF Scopus (151) Google Scholar Finally, LDES may also provide enhanced resiliency at the level of a (micro)grid or single building. The example of Hurricane Maria mentioned above provides a concrete example of the risks associated with a lack of system resiliency, and researchers have recently begun to quantify the value that energy storage brings in terms of resiliency.19Laws N.D. Anderson K. DiOrio N.A. Li X. McLaren J. Impacts of valuing resilience on cost-optimal PV and storage systems for commercial buildings.Renew. Energy. 2018; 127: 896-909Crossref Scopus (45) Google Scholar Although Hurricane Maria was an extreme event that left parts of Puerto Rico powerless for nearly one year, there are numerous instances where tens of hours of distributed or behind-the-meter storage would be sufficient for a system to remain online during a loss of power. This function has traditionally been served by diesel-fueled generators. However, concerns regarding reliability, fuel supply during extended disruptions, fuel costs, maintenance labor, and emissions are driving operators of sites such as hospitals, data centers, and wastewater treatment facilities to explore alternatives. LDES could fulfill such a role and would have the added potential to provide additional revenue by participating in other applications such as local ancillary services markets. Data centers, which can consume hundreds of MW of power, are indeed considering storage systems to provide both backup power and revenue from market participation,20Storrow B. How big batteries at data centers could replace power plants.https://www.scientificamerican.com/article/how-big-batteries-at-data-centers-could-replace-power-plants/Date: 2017Google Scholar with one report showing that revenue from peak shaving and frequency regulation could reduce utility bills by as much as 12%.21Shi Y. Xu B. Wang D. Zhang B. Using battery storage for peak shaving and frequency regulation: joint optimization for superlinear gains.IEEE Trans. Power Syst. 2017; 33: 2882-2894Crossref Scopus (209) Google Scholar In recent years, efforts have centered on development of electricity storage systems with installed capital costs of ∼150 $/kWh and ∼5 h duration at rated power.22The Advanced Research Projects Agency-EnergyIntegration and optimization of Novel ion conducting solids (IONICS) program overview.https://arpa-e.energy.gov/sites/default/files/documents/files/IONICS_ProgramOverview.pdfDate: 2018Google Scholar,23Darling R.M. Gallagher K.G. Kowalski J.A. Ha S. Brushett F.R. Pathways to low-cost electrochemical energy storage: a comparison of aqueous and nonaqueous flow batteries.Energy Environ. Sci. 2014; 7: 3459-3477Crossref Google Scholar The distinct characteristics of LDES applications entail a different storage technology cost structure, and result in requirements that offer both challenges and opportunities for technology developers. In the US, deregulated electricity markets typically provide compensation for both electricity generation and reliability services in the form of ancillary and capacity markets. It is technically feasible for storage systems to “stack” a range of services to maximize return on investment, resulting in duty cycles that superpose the contributions of several individual applications24Davies D.M. Verde M.G. Mnyshenko O. Chen Y.R. Rajeev R. Meng Y.S. Elliott G. Combined economic and technological evaluation of battery energy storage for grid applications.Nat. Energy. 2019; 4: 42-50Crossref Scopus (158) Google Scholar (although this may not be operationally possible due to market rules or contractual obligations). This breadth of value propositions, along with the ongoing policy-driven evolution of storage valuation in electricity markets (e.g., Federal Energy Regulatory Commission [FERC] Order 841 and the Electricity Market Design Directive in the European Union), prevents establishment of a simple or single set of technical and economic metrics that, if met, would result in wide-scale deployment of LDES technologies.25Balducci P.J. Alam M.J.E. Hardy T.D. Wu D. Assigning value to energy storage systems at multiple points in an electrical grid.Energy Environ. Sci. 2018; 11: 1926-1944Crossref Google Scholar, 26Katsanevakis M. Stewart R.A. Lu J. Aggregated applications and benefits of energy storage systems with application-specific control methods: a review.Renew. Sustain. Energy Rev. 2017; 75: 719-741Crossref Scopus (53) Google Scholar, 27Oh U. Choi J. Kim K. Cha J. Lee K.Y. A study on capacity credit and ESS evaluation for WTG and multi-ESS in power system.IFAC-PapersOnLine. 2018; 51: 516-521Crossref Scopus (5) Google Scholar Analysis of the potential role of LDES in all regions of the world should receive additional future attention.28Jentsch M. Trost T. Sterner M. Optimal use of power-to-gas energy storage systems in an 85% renewable energy scenario.Energy Procedia. 2014; 46: 254-261Crossref Scopus (227) Google Scholar, 29Barbour E. Wilson I.A.G. Radcliffe J. Ding Y. Li Y. A review of pumped hydro energy storage development in significant international electricity markets.Renew. Sustain. Energy Rev. 2016; 61: 421-432Crossref Scopus (203) Google Scholar, 30Zafirakis D. Chalvatzis K.J. Baiocchi G. Daskalakis G. The value of arbitrage for energy storage: evidence from European electricity markets.Appl. Energy. 2016; 184: 971-986Crossref Scopus (98) Google Scholar, 31Blakers A. Lu B. Stocks M. 100% renewable electricity in Australia.Energy. 2017; 133: 471-482Crossref Scopus (159) Google Scholar The aim of this analysis is to identify key economic and engineering tradeoffs for LDES systems with limited assumptions about use case and remuneration mechanisms. Economic frameworks developed for specific applications show similar results to what we present here.12Ziegler M.S. Mueller J.M. Pereira G.D. Song J. Ferrara M. Chiang Y. Trancik J.E. Storage requirements and costs of shaping renewable energy Toward grid decarbonization.Joule. 2019; 3: 2134-2153Abstract Full Text Full Text PDF Scopus (151) Google Scholar,18Braff W.A. Mueller J.M. Trancik J.E. Value of storage technologies for wind and solar energy.Nat. Clim. Change. 2016; 6: 964-969Crossref Scopus (199) Google Scholar We explore the general LDES cost-performance parameter space using the discounted cash flow framework shown in Equation 1 (see the Supplemental Information for equation details).∑t=1T(1+r)−t[ΔE,tnc,t+RP,td−1]=[CPd−1+CE,thηD−1]+∑t=1T(1+r)−t[nc,tPC,t(ηRTE−1−1)+nc,tVOMt+d−1FOMt]+CRe(1+r)−L/nc(Equation 1) The left side of Equation 1 represents revenue over the financial life of the project and the right side represents the total cost of ownership (TCO) of the system, both with units of $/kWh. The first revenue term on the left side of Equation 1 scales with the frequency and average price differential of charging and discharging modes (ΔE) (representative of arbitrage applications). The second scales with power capacity (RP) (representative of resource adequacy or capacity market remuneration). The TCO is broken into five principle components, with the first representing the installed capital cost. The discounted terms in the second set of brackets represent (in order) the expense related to efficiency losses, variable operating and maintenance cost, and fixed operating and maintenance cost that scales with the power capacity of the system. The final term explicitly accounts for replacement of the energy storage medium due to capacity fade (cycle life is considered here, but calendar fade may also be a significant factor for certain systems). Equating the present value of revenue and cost implies a zero net present value for a given project term and internal rate of return. Calculations throughout assume T = 20 years and r = 10%.32McLaren J. Anderson K. Laws N. Gagnon P. DiOrio N. Li X. Identifying critical factors in the cost-effectiveness of solar and battery storage in commercial buildings. National Renewable Energy Laboratory (NREL), 2018https://www.nrel.gov/docs/fy18osti/70813.pdfCrossref Google Scholar We assume PC = 0.025 $/kWh in Figure 2, a representative value for the LCOE of future wind or solar generation in most locations in the US.33US Department of Energy's Solar Energy Technologies OfficeThe SunShot 2030 Goals: 3¢ per kilowatt hour for PV and 5¢ per killowatt hour for dispatchable CSP.https://www.energy.gov/sites/prod/files/2018/05/f51/SunShot%202030%20Fact%20Sheet.pdfDate: 2017Google Scholar,34U.S. Department of EnergyWindVision: a new era for wind power in the United States.https://www.energy.gov/sites/prod/files/2015/03/f20/wv_full_report.pdfGoogle Scholar This value does not include transmission or distribution costs and therefore reflects the price of electricity at the site of wind or solar generation. For simplicity, taxes, depreciation, inflation, and finance costs are not included. A single-factor sensitivity analysis that explores a broader range of values for the various revenue and cost parameters in Equation 1 is provided in the Supplemental Information (Figure S1) for a 50-h duration storage system. In addition, the Supplemental Information provides a discussion and a figure (Figure S3) that quantifies the impact of PC (including a value of 0 $/kWh, reflecting excess electricity on the grid) and round-trip efficiency (RTE) on the installed capital cost for a range of durations and values of RP. Of the parameters outlined in Equation 1, researchers pursuing new electricity storage technologies can most readily estimate the capital cost of a given system, even at relatively early stages of development. We therefore show installed capital costs that encompass both power and energy components (CPd−1+CE,thηD−1) in Figure 2. The z axis represents the available budget for capital expenditure as a function of ηRTE and nc. We assume two revenue streams: (1) arbitrage electricity sales that scale with cycle frequency (ΔE) and (2) payments for reliability services that scale primarily with power capacity (RP). Consideration of both remuneration mechanisms is important given that, as an example, PSH units often spend over 50% of their operational hours in reserve shutdown mode, ready to supply power when needed.35Uría-Martínez R. Johnson M.M. O’Connor P.W. Samu N.M. Witt A.M. Battey H. Welch T. Bonnet M. Wagoner S. 2017 Hydropower market report. U.S. department of energy, 2018https://www.energy.gov/sites/prod/files/2018/04/f51/Hydropower%20Market%20Report.pdfCrossref Google Scholar We assume an average price differential for charging and discharging modes of ΔE = 0.05 $/kWh-cycle, which would result in a compelling LDES technology under the cost structure of today’s grid. To illustrate, if half of the electricity produced by a wind or solar plant generated at 0.025 $/kWh passed through a co-located storage device with a cycle “premium” of 0.05 $/kWh-cycle (i.e., discharge price of 0.075 $/kWh-cycle), the average electricity price for the combined generator plus storage system would be 0.05 $/kWh, a price competitive with electricity generated by future combined cycle natural gas plants (which are in the range of 0.041 to 0.074 $/kWh).36Lazard La

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