Techno-Economic Evaluation of a Compressed CO2 Energy Storage System for Load Shifting Based on Dynamic Modelling

Abstract

To reduce the electricity grid’s valley—peak difference, thereby resulting in a smoother electricity load, this study employs a compressed CO2 energy storage system to facilitate load shifting. Load shifting by the CCES system not only enhances the energy flexibility of the electricity load but also creates energy arbitrage from variations in the electricity prices. An optimization model is developed to optimize the operation of the CCES system to minimize the standard deviation of the electricity load. Thereby, load shifting by the CCES system can be achieved. Based on the real electricity loads and prices, results indicate that, with an energy storage capacity of 267 MWh, the CCES system can provide 3845 MWh, 4052 MWh, and 3816 MWh of upward flexible energy and 3846 MWh, 3180 MWh, and 3735 MWh of downward flexible energy during a week in summer, winter, and the transition season, respectively. With a lifespan of 35 years, the CCES system can attain a net present value (NPV) of MUSD 239.9 and a payback time of 2 years. The sensitivity analysis shows that increasing the energy storage capacity of the CCES system augments both the upward and downward flexible energy of the electricity load but reduces the NPV of the CCES system.