Electric Power ›› 2022, Vol. 55 ›› Issue (4): 192-202.DOI: 10.11930/j.issn.1004-9649.202009092

• Eenewable Energy and Energy Storage Technology • Previous Articles     Next Articles

Generalized Cost Study of Energy Storage Power Station Based on Equivalent Efficiency Conversion

XIU Xiaoqing1, LI Xiangjun1, WANG Jiarui2, XIE Zhijia1, LV Xiangyu2   

  1. 1. State Key Laboratory of Operation and Control of Renewable Energy & Storage Systems (China Electric Power Research Institute), Beijing 100192, China;
    2. Jilin Electric Power Research Institute, Changchun 130021, China
  • Received:2020-09-12 Revised:2021-12-05 Online:2022-04-28 Published:2022-04-24
  • Supported by:
    This work is supported by Science and Technology Project of SGCC(Research and Application of Key Technologies for Source-Storage-Grid Coordinated Operation of Energy Storage Integrated Thermal Power Units Participating in Grid Peak Shaving Auxiliary Services, No.2018 GWJLDKY02)

Abstract: Energy storage is one of the key technologies to improve the security of modern power system with a high proportion of new energy sources. Unfortunately, the cost of energy storage system has restricted its large-scale commercial application so far. Therefore, in view of the generalized cost of different types of energy storage power stations, by taking their efficiency and lifetime into account, the discrepancies of construction and operating characteristics throughout the entire life cycle between each type of energy storage is analyzed. The full life cycle cost model and levelized cost model of energy model are constructed respectively based on the concept of equivalent efficiency conversion. The project construction period and land acquisition costs of energy storage projects which have been put into operation or planning in recent years, such as pumped storage, lithium-ion battery energy storage, lead-carbon battery energy storage, and vanadium redox flow battery energy storage, are analyzed comparatively. By introducing factors such as project construction period and land acquisition cost, the generalized costs of four types of energy storage are evaluated horizontally and vertically. The impact of changes in terms of the number of charge and discharge cycles, charging electricity price, and investment cost of energy storage power stations on the generalized cost are discussed. The research results can provide helpful references for the selection and planning of energy storage systems.

Key words: energy storage technology, generalized cost, equivalent efficiency conversion, life cycle cost, levelized cost of energy