Life Cycle Cost Analysis for utility-scale Energy Storage systems

Abstract

This paper examines the existing literature in life cycle cost analysis of large scale electricity storage systems, providing an overview of their technical benefits and drawbacks as well as the cost associated with their expected lifespan. The energy storage systems that are being evaluated are Lead-Acid batteries, Nickel-Cadmium batteries, Sodium-Sulfur batteries, Compressed Air energy storage, and Pumped Hydro plants. These systems are suitable for grid support, and are considered of great importance for the grid of the future. Life cycle cost analysis is an eective way of inter- preting and comparing those systems. Both the technical and cost characteristics that are presented in the paper are key findings critical for understanding the applicability and challenges associated with each system. These metrics should be used to properly evaluate the most cost eective option among the systems in a holistic approach, as the power industry moves towards a greener future.