(230e) Techno-Economic Analysis of Integrating Different Energy Storage Models in Highly Renewable Energy Systems

As the world pushes towards achieving 100% renewable energy future, the need for reliable energy storage systems emerges as a critical factor. Renewable energy sources, such as solar and wind, often produce electricity intermittently, creating gaps in supply. To bridge these gaps, energy storage systems play a vital role by storing excess electricity during times of abundance and releasing it when renewable energy alone is not sufficient to meet demand. Despite numerous valuable studies listing various energy storage technologies and assessing their technical capabilities, there remains a notable gap in evaluating these energy storage techniques within the context of a renewable energy system.

In this study, we developed a generic energy storage model including necessary parameters to describe an energy storage system such as capital cost, operating cost, storage duration, roundtrip efficiency, and lifetime. These parameters collectively characterize any energy storage system, providing a comprehensive framework for analysis. Additionally, utilizing Python programming, we constructed a renewable energy system model incorporating solar photovoltaics and wind turbines as primary renewable resources. This model integrates with our generic energy storage model. Furthermore, a backup natural gas power plant is incorporated into the system to supplement electricity generation during periods of insufficient renewable energy supply or when the storage system is depleted, as illustrated in the figure. The significance of our study lies in its ability to evaluate diverse (even new) energy storage systems described by the above-mentioned parameters within the context of renewable energy systems. We performed sensitivity analysis on the above-mentioned storage parameters. Our findings show that long-term energy storage technologies (with higher storage duration) will help us to have a more reliable and affordable energy system. This approach enables comprehensive performance assessments, offering valuable insights into the effectiveness and suitability of various energy storage solutions in real-world applications. It also enables decision-makers to anticipate potential challenges and opportunities, guiding long-term planning and investment decisions in the renewable energy sector.