a review of energy storage systems in electricity markets

12. Internationale Energiewirtschaftstagung an der TU Wien IEWT 2021

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A review of energy storage systems in electricity

markets.

Zejneba Topalović1, Reinhard Haas, Amela Ajanović, Marlene Sayer

Energy Economics Group, Vienna University of Technology, E-mail: [email protected]

Abstract:

Recent events in power systems: negative electricity prices, high fluctuations in the electricity

market, and positive progress of a variable generation, have influenced the need for energy

storage systems. These systems were first used as pumped hydro plants, but in recent years

new types of storage have been developing, as the technology costs decrease and renewables

installations increase. Policymakers defined a roadmap for reaching net-zero emissions by

2050., ensuring clean energy transition which has been questioned since the COVID-19

outbreak. At the beginning of the global pandemic, with the government restrictions and

industrial setbacks, a decrease in CO2 emissions occurred for a short period. Demand drop

and high supply of variable generation in the grids have been challenging for power systems

operators. Since the global energy sector has been under disruptions and has influenced high

socio-economic changes, a growing number of countries pledge net-zero emissions

agreement, towards sustainable and clean energy development. With the Paris Agreement's

goals for limiting global warming to 1,5 degrees Celsius, many countries are already going

towards carbon neutrality ambitious targets. These goals are opening a set of new

technologies, business opportunities, thus improving the economy. Measures for the

implementation of the set goals and a higher share of renewable generation are already taken,

showing that energy storage systems are becoming new emerging technology for balancing

power grids. With projections of new solar by 2050. it is expected for the storage market to rise

and balance possible price fluctuations. This paper presents a review of the up-to-date

research on storage technologies, different grid applications, but also economic assessment.

A brief history of storage development is given, along with an overview of the technologies in

the whole chain that explains their impact on total energy demand. There is a review of storage

systems applications divided into different categories. Since there is obscure information about

the costs of implementing storage systems, we provide a detailed review of cost analysis and

feasibility of storage projects. This paper presents an energy storage review using the method

of narrative. Collected up-to-date research on energy storage technologies, applications,

environmental and economic assessment is published in a wide range of articles with high

impact factors. Since, there is obscure research on relatively new technology such as energy

storage, and especially their costs, global databases are used. The main contribution of this

paper is a presentation of the current feasibility of these systems for investors and power

operators and other market players. Finally, we present prospects derived from the presented

review.

,Keywords: energy storage technologies, costs, storage feasibility, electricity market

1 Jungautor, +38762914462, [email protected]


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1 Introduction

1.1 Motivation

IEA has built a roadmap for reaching net-zero emissions by 2050, ensuring clean energy

transition in the energy sector. COVID-19 global pandemic has put energy transition into the

perspective since it stopped green energy progress at the beginning. A setback of the industrial

consumption and high variable generation in the grids have left clean energy transitions in the

grey area, where it was predicted that after the pandemic, high industrial generation would

postpone climate mitigation policies. (International Energy Agency, 2020) examines different

scenarios of future pandemic solving with a focus on the next ten years and their impact on

the energy sector. A rapid decline in renewable generation costs has boosted energy

transformation with 9,6 GW installed capacity in 2019. (Irena, 2020). Since the global energy

sector has been under disruptions and has influenced high socio-economic changes, a

growing number of countries pledge net-zero emissions agreement, towards sustainable and

clean energy development. According to the new IEA report(IEA, 2020), China and India are

going to lead energy growth for the next year. India is facing extreme changes in the last 10

years, first due to extreme electrification and second due to high solar generation. Impact of

lockdown measures, increase of renewable generation and drop in energy demand impact

future need for long–term storage. Roadmap for India (India energy outlook report (IEA), 2015)

renewable and storage development is an example for other countries, showing rapid changes

in global emission mitigation. With the Paris Agreement's goals for limiting global warming to

1,5 degrees Celsius, many countries are already going towards carbon neutrality ambitious

targets. These goals are opening a set of new technologies, business opportunities and are

improving the economy. Measures were taken for the implementation of the set goals, and a

higher share of renewable generation. Some countries have more than a 30% share of variable

generation, which sometimes exceeds energy demand. Solar photovoltaics and onshore wind

are dominating, attracting 46% and 29%, respectively, of global renewable energy

investments, as seen in Figures 1,2, and 3. With projections of new solar by 2050., it is

expected for the storage market to rise and balance possible price fluctuations.

Figure 1 Installed capacity trends of solar technology, source: (IRENA and CPI (2020), Global Landscape of

Renewable Energy Finance, 2020)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Inst

alle

d c

apac

ity

[MW

]

PV solar thermal


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Figure 2 Installed capacity trends of wind technology, source: (IRENA and CPI (2020), Global Landscape of

Renewable Energy Finance, 2020)

Figure 3 Annual financial commitments in renewable energy, source: (IRENA and CPI (2020), Global Landscape

of Renewable Energy Finance, 2020)

1.2 Core objective

Energy storage as new technology has been used recently more in the light of flexibility needs.

As seen in Figure 4, pumped hydro storage is still leading with an installed storage capacity of

182 GW. According to collected data from World Energy Database [DOE], other storage

technologies are still lagging behind historical installations of pumped hydro storage.

Nevertheless, energy storage systems are considered new emerging technology for adding

flexibility to power grids. As (Irena, 2020) predicts, stationary storage (excluding EVs) would

need to increase from 30 GWh today to 9000 GWh by 2050. These figures should be achieved

through proper sizing and installing energy storage.

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Inst

alle

d c

apac

ity

[MW

]

wind onshore wind offshore


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1.3 Major literature

Energy storage has been recently revitalized subject, but it still lacks information. (Olabi et al.,

2021) and (Koohi-Fayegh and Rosen, 2020) reviewed energy storage systems by mainly

focusing on the technology and application. Hence, this review paper covers the gap by

proposing an energy storage overview alongside economic criteria.

1.4 The organization of the paper

This paper is organized as follows: Section 2 gives a brief history of the storage development.

Section 4 gives an overview of the technologies, while Section 5 provides comprehensive

reviews of the economic assessment. Section 6 shows environmental aspects. Following is

Section 7 where the impact of energy policies is described, while the paper concludes with

Section 8.

2 History of storage

First storage systems by some researchers (Danila, 2015) date back from 2200 years ago,

considering archeological findings of a clay pot near Baghdad. Experiments showed that this

ancient battery could produce 1.5 to 2 Volts, but scientists are still divided on this topic since it

wasn't figured for what it was used. Later on, in the 19th century, Volta experimented with

copper and zinc and discovered Voltaic pile which led to series of discoveries of electrolysis

and batteries that we know of today. Following this, Plante discovered a rechargeable Lead-

acid battery. Throughout the century, batteries developed and were being used in large-scale

systems, as Faure and Sellon improved batteries by placing the positive and negative

electrodes in the spiral. Parallel development of the superconductors led to the possibility of

Pumped hydro

storage 97%

Pumped hydrostorage

Compressed AirEnergy Storage

Electro-chemical

Electro-mechanical

Hydrogen Storage

Lead-Carbon

Liquid Air EnergyStorage

Lithium IonBattery

Compressed Air Energy Storage

0%

Electro-chemical

7%

Electro-mechanic

al39%

Hydrogen Storage

1%

Lead-Carbon

0%Liquid Air

Energy Storage

0%

Lithium Ion

Battery15%

Thermal Storage

38%

Figure 5 Installed energy storage capacities without pumped hydro storage [DOE]

Figure 4 Installed energy storage capacities globally[DOE]


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storing quantities of electricity in the magnetic fields (Vyas and Dondapati, 2020), (Salama and

Vokony, 2020). Figure 6 illustrates the historical development of battery storage systems.

Figure 6 History of battery storage development

Pumped hydro storage systems started developing in the early 1900s, but now are the most

used storage technology because of their characteristics to store a large amount of energy.

The system works on the principle of two reservoirs and the potential energy of water. When

demand is high, electricity is produced by storing the water from the upper to the lower

reservoir. At night, when demand is low, electricity from the grid is used to pump back up water,

as seen in Figure 6. This system balances and adjusts the demand/supply, thus providing the

stability of the power grids. Hence, pumped hydro storage is the most used storage technology

with installed capacities of 181 GW globally [DOE]. The development of renewables

technologies, their higher integration in power grids has led to a revitalization of already

installed pumped hydro storage plants. Overcoming challenges in operating power grids with

high shares of renewables is possible with storage technologies, especially ones with the

application as bulk energy storage systems.

Figure 7 Pumped hydro storage principle [ EASE 2021]

Nevertheless, bulk energy storage systems, such as pumped hydro storage, development of

the batteries have continued, especially considering a variety of their application. With the

technical revolution in the late 1970s and the new emergence of the telephone and computer

technology, storage developed beside batteries, as supercapacitors were discovered. A

detailed description of the technology is given by (Chang and Hang Hu, 2018). An Exponential

increase in electric and hybrid vehicles influenced new research, but supercapacitors are still

behind the main competitor for these applications: Lithium-ion batteries. (Miao et al.,


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2019),(Fang et al., 2020) and (Zubi et al., 2018) describe the progress and current state of

Lithium-ion batteries.

3 Literature review

In this paper, three main research topics are in focus. Firstly, we consider the energy storage

system's technical characteristics and application, then focus on the feasibility and economic

assessment of these systems. Thirdly, we provide a comprehensive analysis of the flexibility

and ancillary services of storage. Figure 8 presents collected information about storage

systems in this paper and the main storage division concerning material, application, and future

applications and RES development most important: feasibility.

Figure 8 Storage classification

Storage systems were first used as pumped-hydro plants (Al-hadhrami and Alam,

2015),(Barbour et al., 2016)(Hunt et al., 2020). During the peak hours, water potential was

used to generate electricity. When demand decreases in night hours, water was pumped back

up the hill, so it was reused the other day again for the electricity. This system was useful in

coordination with nuclear and fossil power plants which were non- dispatchable. Regardless


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of pumped hydro storage capacity, geographical requirements are still a major constraint. In

recent years, distributed generation has been influencing other storage technologies. Off-grid

application of batteries in remote areas, together with solar generation is changing electricity

market operation (Telaretti and Dusonchet, 2017). Depending on the renewable energy system

application, battery energy storage system sizing methodology is chosen (Yang et al., 2018).

As there is high potential in using hybrid energy storage systems, some researchers found

energy costs to be lower in comparison to single storage cases (Münderlein et al., 2020)(Javed

et al., 2020). Pumped hydro storage power plants have been revitalized in recent years due to

the flexibility mechanism of operating in the electricity market. Some countries' main plan for

reaching targeted renewable shares, is investing in pumped hydro storage systems (Blakers

et al., 2018). The profitability study shows a reduction in reserve capacity and investments in

peaking units in Europe, as the storage capacities increase (Dallinger et al., 2019). The

contribution of energy storage is caused by additional charging to replace generators in the

merit order, capacity utilization and for renewable-induced systems (Soini, Parra and Patel,

2020). In recent literature, there has been a lack of energy storage economic parameters. Most

of the literature is about dispatching and modeling renewable generation with energy storage

(Santos et al., 2021),(Mohandes et al., 2021), (Mazzoni et al., 2019) or using mobile storage

systems for unbalanced distribution grids (Nazemi et al., 2021). Alongside planning renewable

generation, energy storage capacities must be considered and analyzed(Wu et al., 2021), as

well as operational energy storage strategy (Habibi et al., 2020). Energy storage overview

(Olabi et al., 2021) underlines increase in predictability method for RES, but as well economic

perspective for further storage developments as in (AL Shaqsi, Sopian and Al-Hinai, 2020).

(Martin and Rice, 2021) make an analysis of future generation mix in Australia for minimizing

future outages risks and network failures using energy storage estimated increase of 19 GW

by 2041. Energy storage reviews (AL Shaqsi, Sopian and Al-Hinai, 2020) and (Das et al., 2018)

main concern is the capacity of energy storage, which lack proper description given from

production companies. In this paper wide range of literature is analyzed and collected. The

most valuable information about technical and economical parameters is provided,

respectively in Table 1 and Table 2. With all data collected, Table 3 gives an overview of all

possible storage applications.


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Table 1 Energy storage characteristics

- - - 75-85 s-min 40-60 (>13000) (Das et al. , 2018)

0.1-0.2 0.2-2 0.2-2 70-80 >0.5x104

0.5-1.5 0.5-1.5 0.5-1.5 70-85 >1000

0.01-0.10 0.5-1.3 0.3-1.3 65-90

- - 0.1-0.4 65-80 min 30-50 (Olabi et al. , 2021)

5-1000 - - - 70-89 1-15min 20-40(>13000) (Das et al. , 2018)

0.2-0.6 2-6 41-75

0.5-2 3-6 30-60

0.04-10 0.4-20 3-60 60-90

- - 3.2-5.5 70-73 - 30-40 (Olabi et al. , 2021)

- - 93-95 <4ms-s 15(>100000) (Das et al. , 2018)

5000 20-80 5-30 80-90 2x104-10

7

1000-2000 20-80 10-30 90-95 >2x104

40-2000 0.3-400 5-200 70-96

- - 5-100 85 - 20 (Olabi et al. , 2021)

- - - 85-90 20ms-s 5-15 (1000-20000) (Das et al. , 2018)

1300-10000 200-400 60-200 85-98 500-10000

1500-10000 200-500 75-200 90-97 1000-10000

60-800 90-500 30-300 70-100 250-10000

0.1-50 - - 80-150 78-88 - 14-16 (Olabi et al. , 2021)

- - - 60-65 ms 10-20(2000-3500) (Das et al. , 2018)

75-700 15-80 15-40 60-80 1500-3000

80-600 60-150 50-75 60-70

40-140 15-150 10-80 60-90 300-10000

- - 30-50 72 - 13-20 (Olabi et al. , 2021)

- - - 70-90 5-10ms 3-15(2000) (Das et al. , 2018)

90-700 50-80 30-45 75-90 250-1500

10-400 50-80 30-50 70-80 500-1000

10-400 25-90 10-50 60-90 300-3000

- - 30-50 75-80 - 15 (Olabi et al. , 2021)

- - - 80-90 1ms 10-15(2500-4500) (Das et al. , 2018)

120-160 150-300 100-250 70-85 2500-4500

140-180 150-250 150-240 2500

1-50 150-350 100-240 65-90 1000-4500

- - 100-175 75-87 - 12-20 (Olabi et al. , 2021)

- - - 85 <1s 5-10(12000+) (Das et al. , 2018)

0.5-2 20-70 15-50 60-75

<2 16-33 10-30 75-85 >1.2x104

10-30 10-50 60-90 800-1.6x104

- - - - - - (Olabi et al. , 2021)

- - - 25-58 <1s 5-20+(1000-20000+) (Das et al. , 2018)

>500 500-3000 800-10000 20-50 >1000

100-370 150-250 75-90

0.1-50 - - - 35-42 - 15 (Olabi et al. , 2021)

0-0.3 - - - 90-95 8ms 20+(>100000) (Das et al. , 2018)

2600 6 75-80

0.2-2.5 0.5-5 95-97 >2x104

300-4000 0.2-14 0.3-75 80-99

0.05-0.25 - - 2-69 80-95 - 20 (Olabi et al. , 2021)

0-0.03 - - - 90-95 8ms 20+(>100000) (Das et al. , 2018)

40,000-120,000 10-20 1-15 85-98

>100,000 10-30 2.5-15 90-97

(Olabi et al. , 2021)-

-

-

-

-

-

-

-

-

-

-

-

-15-4500 1-35 - 65-99

-

0-58.8

-

-

-

0.05-34

0.05-10

0.05-0.0534

0.03-03

-

(Koohi-Fayegh and Rosen, 2020)






Lead -acid

Natrium Sulfur

Vanadium redox

Hydrogen Fuel Cell

Superconducting magnetic

Super capacitor

-

-

0-40






Pumped hydro storage

Compressed Air Energy

Storage

Flywheel

Lithium-ion Battery

Nickel-Cadmium

10-5000

10-1000

-

50-300

-

-

-

-

0.1-20

0.1-20

0-100

0-40

50

Type of storage Power Range MWPower density (voumetric)

(kW/m3)

Energy density (voumetric) (

kWh/m3)

Energy density

(mass) (kWh/kg)

Cycle efficicency

%

Response

time Lifetime(cycles) References

-6x

-3x

-


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Table 2 Economic and environmental parameters of the storage

4 An overview of the technologies

In this chapter, we present a detailed review of all types of energy storage systems. Energy

storage systems have different characteristics, as seen above, hence they are used for various

applications, which is given in Table 3.

Pumped hydro 1700-2550 4.25-85 hr-months 1-24hr+ Large (Das et al. , 2018)

510-1700 4.25-85 (Koohi-Fayegh and Rosen, 2020)

10.2-71.4 (Olabi et al. , 2021)

Compressed air 340-850 1.7-102 hr-months 1-24hr+ Large (Das et al. , 2018)

340-680 1.7-42.5 (Koohi-Fayegh and Rosen, 2020)

3.4-71.4 (Olabi et al. , 2021)

Flywheel 212.5-297.5 850-11900 sec-min ms-15min Almost none (Das et al. , 2018)

255-850 2550-5100 (Koohi-Fayegh and Rosen, 2020)

340-680 (Olabi et al. , 2021)

Lithium- ion 765-3400 510-3230 min-days min-hr Moderate (Das et al. , 2018)


765-1105 (Olabi et al. , 2021)

Lead-acid 255-510 170-340 min-days s-hr Moderate (Das et al. , 2018)


51-102 (Olabi et al. , 2021)

Nickle-Cadmium 425-1275 340-2040 min-days s-hr Moderate (Das et al. , 2018)


340-2040 (Olabi et al. , 2021)

Natrium-Sulfur 850-2550 255-425 sec-hr s-hr Moderate (Das et al. , 2018)


212.5-456.45 (Olabi et al. , 2021)

Vanadium-Redox 510-1275 127.5-850 hr-months s-24hr+ Moderate (Das et al. , 2018)


- - (Olabi et al. , 2021)

Capacitor 170-340 425-850 sec-hr ms-60min Small (Das et al. , 2018)


- - (Olabi et al. , 2021)

Supercapacitor 85-382.2 255-1700 sec-hr ms-60 min None (Das et al. , 2018)

110.5-437.75 8500 (Koohi-Fayegh and Rosen, 2020)

- - (Olabi et al. , 2021)

Magnetic 170-415.65 850-61200 min-hr ms-8s Moderate (Das et al. , 2018)

110.5-437.75 850-8500 (Koohi-Fayegh and Rosen, 2020)

6083.45-17000 (Olabi et al. , 2021)

Hydrogen 425-850 12.75 hr-months 1-24hr+ Small (Das et al. , 2018)

425-850 - (Koohi-Fayegh and Rosen, 2020)

11.9-15.3 (Olabi et al. , 2021)

Thermal CES 170-255 2.55-25.5 min-days 1-8 hr Bening (Das et al. , 2018)

170-255 2.55-51 (Koohi-Fayegh and Rosen, 2020)

- - (Olabi et al. , 2021)

Environmental

impactReferencesType of storage

Capital cost (power

based) €/kW

Capital cost(energy

based) €/kWhCharge time Discharge time


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Table 3 Technical characteristics for energy storage technologies

Type of storage

Installed

capacities

MW

back-

up

power

bulk

energy

storage

bridging

power

energy

arbitrage

energy

management

frequency

regulation

increase of

self-

consumption

load

balancing

long-

term

medium-

term

network

operation

peak

shaving

power

quality

primary

regulation

Pumped hydro storage 181911 * * * * * * * * *

Compressed Air Energy Storage 8,41 * * * * * * *

Flywheel Energy Storage - * * * * * *

Lead- acid - * * * * * * * * *

Lithium-ion 754,61 * * * * * * * * * *

Sodium- sulfur (NaS) - * * * * * * * *

Nickle- Cadmium - * * * *

Vanadium Redox Battery - * * * * * * * * * *

Zn- Br - * * * * * * * *

Type of storage PV self-

consumption

renewable

integration

reducing

peak

demand

renewables

support

short-

term

system

operation

support of

voltage

regulation

time-

shift

uninterrup

ted power

supply

utility

wind

energy

curtailment

Storage duration

Pumped hydro storage * * * * 16 h discharge

Compressed Air Energy Storage * * * * 16 h discharge

Flywheel Energy Storage * * * 0.25 h discharge ( short)

Lead- acid * * * * * * * *4 h discharge ( short and long

duration)

Lithium-ion * * * * * * * 4 h discharge ( medium term)

Sodium- sulfur (NaS) * * * * * long and short duration

Nickle- Cadmium * long and short duration

Vanadium Redox Battery * * * * * * * * long and short duration, 4 h discharge

Zn- Br * * * * long and short duration


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4.1 Mechanical

4.1.1 Pumped hydro storage

(Al-hadhrami and Alam, 2015) presented review of the existing global PHES systems and

hybrid systems such as solar PV-hydro and wind-hydro, questioning the technology for island

grids and bulk storage systems. (Hunt et al., 2020) case study for pumped hydro storage large

scale with innovative arrangements shows possibilities for storage with low topography

variations and water availability. Some examples of countries' renewed interest in PHS

(Dursun and Alboyaci, 2010) and analyses considering scenarios based on hourly prices

(Barbaros, Aydin and Celebioglu, 2021). This evaluation shows that pricing policies on storage

schemes provide infeasible projects. Pumped hydro storage can effectively manage energy

variations in hybrid mode with battery bank, especially for off-grid renewable systems, as PHS

and battery storage have complementary characteristics, complementing each other in the low

state of charge periods(Javed et al., 2020).

4.1.2 Compressed air energy storage

As well as pumped hydro storage systems, compressed air energy storage systems depend

on geographical locations. These systems utilize large underground storage caverns for

providing large-scale and long-term electricity storage. In (King et al., 2021) recent large-scale

CAES projects are presented alongside a method for utilizing these systems. Since operating

non- dispatchable energy generation is quite challenging, the first economic characterization

of offshore compressed air energy storage is given in (Li and Decarolis, 2015).

CAES is beside PHES systems, the most cost-efficient technology for large-scale application,

but it is also limited with geographical position. Liquid air energy storage systems, on the

contrary, have simple construction, regardless of geographical location, hence they are the

main alternative to large-scale energy storage, reviewed in (Borri et al., 2021).

4.1.3 Flywheel

This type of storage, as an alternative to electrochemical energy storage systems because of

the same characteristics of short-duration time, is examined from a techno-economic point of

view (Rahman et al., 2021). Detailed principle of flywheel technology, application,

development, and systems practice is given in (Arabkoohsar and Sadi, 2021). As flywheels

application in peak shaving is important when analyzing the future of e-mobility, (Thormann,

Puchbauer and Kienberger, 2021) investigate the economic and technical suitability of FESS

for charging electric vehicle use cases. They find that electric buses can be operated with cost-

efficiency when FESS is at the technical optimum.

4.2 Electrochemical Energy Storage Systems

Energy storage technologies reviews by (Behabtu et al., 2020) and (Yang et al., 2018) fill the

gap as stated, in storage literature and show potential for Li-ion batteries as fully integrated

parts of the grid. Battery energy storage has been developing recently hence the improvement


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in electric vehicles production and decrease in the material costs. (Poullikkas, 2013) has

compiled a dataset on large-scale storage systems and industrial storage systems, while

(Figgener et al., 2020) shows a wide range of possibilities for further development, from

currently 415 MW battery power installations in Germany.

Trends in the spreading of stationary batteries in the USA (Telaretti and Dusonchet, 2017),

show that the profitability of ESS depends on the revenues, which is an indication for the

stakeholders to ensure to compensate for storage costs. Most of the applications of battery

energy storage have been used for electric vehicles, but recently more in end-user installations

for self-consumption. One of the storage applications, market-oriented is price arbitrage, which

shows potential in operation strategy with price differentials. (Metz and Saraiva, 2018) estimate

the required price volatility in the German intraday market, to justify an investment in a 1 MW

storage device. These calculations analyze battery technologies from the economic

perspective as it is vital for their future usage. Simulation of hybrid battery storage systems,

used as primary reserve control in (Münderlein et al., 2020) proved to be profitable because of

the multi-use strategy. Other concerns about battery storage are durability and size, hence

(Kelly and Leahy, 2020) explore optimal investment. Overview of different battery technologies

of EVs and comparison regarding environmental impacts in (Balali and Stegen, 2021) indicates

advantages and current limitations.

A lifetime of the batteries is the main issue for wider usage, hence the lower market price for

lead-acid shows they are still operable for primary reserve and peak-shaving. (Fares and

Webber, 2018) found greater benefit when increasing the life cycle of lead-acid batteries since

they have lower cycle life than other batteries for which is better to increase calendar life.

Lithium-ion batteries are mainly used for distribution or household storage(Alimardani,

Narimani and Member, 2021). Since self-consumption is increasing due to the decrease in

solar technology costs, prosumers are a new group of storage users, who are slowly becoming

local energy market players (El-batawy, Morsi and Member, 2021) (Shen et al., 2021)(Dai,

Member and Charkhgard, 2021). When implementing battery storage, optimal energy and

power control in grid-connected systems becomes the main concern (Malysz, 2014),(Shi et al.,

2017)(Pand, Pand and Kuzle, 2019). Modular storage systems are growing faster than large-

scale ones (Irany et al., 2019), which indicates that the mass market of storage should be more

frequently analyzed and monitored.

4.3 Thermal Energy Storage Systems

The potential for utilizing thermal energy storage technologies has not been fully used. (Yang

et al., 2021) presents the current state of the art of technology and provides a comprehensive

review of potential applications. Usage of thermal energy storage is being utilized as large-

scale compressed air energy storage, but this application needs suitable geological locations

for large underground caverns. (King et al., 2021) presents an overview of CAES potential in

India and the UK showing development in finding new possibilities for storage utilization.

A large-scale electrical energy storage alternative to PHS and CAES is liquid air energy

storage, which can enhance its profitability and technology performance in hybrid solutions

with the design of the waste energy recovery sections (Borri et al., 2021). Since solar thermal

systems aren’t still economically feasible, (Gautam and Saini, 2020), presented the techno-

economic potential of these systems together with packed back storage systems.


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4.4 Chemical Energy Storage Systems ( hydrogen)

This type of storage system can be used as energy arbitrage and long-term storage, rather

than fast response storage. Low efficiencies of 54%, are applicable in hybrid storage systems

such as wind-hydrogen storage units (Storage, Energy and Abdi, 2019). Findings show that

pumped hydro energy storage is the most cost-effective storage technology and for short-term

and medium-term deployment scenarios, followed by compressed air storage and opposed to

hydrogen storage (Klumpp, 2016), but for large-scale storage, hydrogen cost-effectiveness is

behind compressed air storage.

4.5 Electrical Energy Storage Systems ( Capacitor, Supercapacitor, SMEs

Supercapacitors can be used as fast charge or backup systems since they have long cycling

life, high power density, and reversibility. These systems are described in detail in (Chang and

Hang Hu, 2018). (Wang et al., 2021) summarized materials for flexible supercapacitors

provided an overview of strategies for improving their performance and described future

aspects of supercapacitors considering high costs at the moment. Study (Miller and Butler,

2021) gives a design approach for every storage application and shows that there is no the

best capacitor since every examined capacitor has the best performance for a specific

application.

4.6 Hybrid power systems with storage

With the high penetration of photovoltaics in distribution grids in recent years, there have been

operational challenges for maintaining frequency stability. Technologies decrease in solar,

increases household installations for self-consumption. Home storage systems that store

excess electricity generation during the day are making roof-top solars feasible. Decreasing

prices in battery technology are boosting economic effects for end-users. Home storage in

Germany has grown at more than 50% per year since 2013., which shows a usable storage

capacity of about 600 MWh and a total output of more than 200 MW by the end of 2017.

(Kairies et al., 2019). Initial investment costs are still a barrier for wider renewable and storage

grid integration. Techno-economic analysis of battery, thermal, and pumped hydro storage is

based on the Levelized Cost of electricity (He et al., 2021). This comparison shows that thermal

energy storage is the most cost-effective. New research of superconducting magnetic energy

storage in wind power generation systems, shows flexibility potential (Xu et al., 2018). A review

of different sizing methodologies and capacity optimization for these hybrid systems is given

in (Rı, 2012), (He et al., 2021). Battery hybrid systems can be a suitable option for enhancing

storage profitability since it was proven that calendar aging of batteries is a major limit instead

of cycling aging (Münderlein et al., 2020).

5 An economic analysis of storage technologies

Energy storage advantages are presented in the chapters above. Nevertheless, economic

assessment is important for mitigating wider storage installation and hence wider renewables


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grid integration (Zerrahn, Schill, and Kemfert, 2018). (Aguiar and Gupta, 2021) proposed the

energy storage insurance contract, which is signed between renewable producers and store

owners, promoting the increase of renewables in the market, and provides revenue for storage

units in the market. Different flexibility options are analyzed in (Resch et al., 2021) showing

techno-economic possibilities of large-scale battery storage for PV grid expansion as opposites

to traditional distribution grids. Reviewed storage technologies for load shifting in (Frate,

Ferrari, and Desideri, 2019) proved non-feasibility, but for very low charging energy prices

promising technologies are: ACAES, ICAES, and Ra-PTES, followed by Br-PTES, PHES, and

UPHES.

On the other side, end-users play important role in the energy revolution, as self-consumption

increases (Kairies et al., 2019). Case study of the proposed model for optimal dispatching

energy storage system as integrated into user-side, (Ding et al., 2021) ensures system's

economy and minimizes operational costs. Economic benefits must be maximized for energy

systems to be properly utilized. Based on the current storage costs and electricity market

policy, installations of energy storage systems on the customer side, cannot gain profits, but

can consequently reduce CO2 emissions (Chen, Li, and Li, 2021), which leads to high

environmental impact. New research (Schram et al., 2020), (Liu et al., 2021) shows high

potential in community energy storage, developed for trading electricity between local

households.

When analyzing investment profitability of storage installations, Levelized costs of storage are

recently used as a comparison between different technologies (Borri et al., 2021).

Levelized cost of storage 𝐶𝐿𝐶𝑂𝑆 (€/kWh) is the internal average price at which electricity can

be sold for the investment's net present value to be zero. This is the sum of the Levelized Cost of

electricity discharged 𝐶𝐿𝐶𝑂𝐸 and electricity market price 𝑃𝑒𝑙 (€/kWh) divided with energy storage

system efficiency factor 𝜂(input/output of energy storage system). Detailed levelized storage

costs assesment is given in (Topalovic et al., 2022).

𝐶𝐿𝐶𝑂𝑆 = 𝐶𝐿𝐶𝑂𝐸 +𝑃𝑒𝑙

𝜂 (1)

5.1 Overview of the economic assessment

Further development of energy storage technologies is wildly influenced by economic

characteristics. (Li and Decarolis, 2015) used mixed integer programming for examination of

the cost-effectiveness of offshore wind coupled to offshore compressed air energy storage.

Other studies not older than 5 years are examined through the research, showing most of the

data is collected from articles and using Levelized cost of storage (Rahman et al., 2020)

(Mostafa et al., 2020). (Parra et al., 2017) used also Levelized cots of storage but, as well two

other complementary techno-economic methods: the Levelized value and profitability. The

main difference between results found in the given literature is the cost variation due to the

proposed assumptions. Depending on the different discharge time, life cycle, efficiency, and

market price, the uniformity of the Levelized cost of storage is reduced. Cost comparison of

three large-scale energy storage technologies ( hydro, compressed air, and hydrogen (power-


Seite 15 von 22

to-gas), given in(Klumpp, 2016) uses CAPEX and OPEX for Levelized electricity calculation.

OPEX consists of costs for operating and maintaining installations, but as well as electricity

consumed for charging storage, which equals in the end to the Levelized cost of storage. The

first economic characterization of offshore compressed air energy storage is given in (Li and

Decarolis, 2015). The model is also based on the Levelized Cost of electricity and optimization

of the grid-tied cable capacity. (de Boer et al., 2014) analyzed economic consequences of the

application of power-to-gas, PHS, and CAES in electricity systems at different wind power

penetration levels. They conclude that the application of large-scale energy storage systems

reduces costs. These reductions are higher when using storage systems with higher cycle

efficiency, higher storage production capacity, or coupling storage to an energy system with a

higher wind penetration. Environmental effects for some scenarios resulted in higher fuel use

and emissions.

6 Environmental aspects of energy storage

Energy policies are focused on reducing CO2 emissions, shifting towards intermittent

renewable power, and maintaining grids stability (European Commission, 2013), but also on

the environmental aspect of these technologies. A comprehensive review that integrates both

economic and environmental criteria of energy storage is (Rahman et al., 2020). Techno-

economic assessment in this paper shows that the Levelized cost of energy decreases with

an increase in storage duration. Challenge for electrochemical energy storage wider

integration is the disposal of material, besides already issued life cycle. Recycling and disposal

costs are usually excluded from Levelized storage costs calculations since there is scarce

information from production companies, but the environmental impact of each storage

technology is analyzed when considering GHG mitigation (Balali and Stegen, 2021),(Schram

et al., 2020).

7 Energy and market policies for ES grid integration

The impact of energy policies in further storage development is evident in (Lai and Locatelli,

2021). Policy mechanism designed to support low-carbon technologies such as CFD – contract

for difference is affecting energy storage adoption in the UK and energy storage market. Paper

presents mechanisms for promoting energy storage growth: direct subsidies and price floor.

Europe plans to be an emission-free continent by 2050(European Commission, 2019), which

can be ensured by adequate energy policies. In the USA several electricity markets include a

capacity market where energy storage operators can participate and provide additional

revenue(Geske and Green, 2016). This is implemented in Britain as well, but it is questioned

if capacity market rules which include penalties for not delivering electricity, can be a guarantee

for precautionary storage. Simulation model for prosumagers, as seen in (Say, Schill and John,

2020) underlines importance of controlling future growth of prosumagers. Regulators should

promote battery flexibility in energy transition, but investors and power system planners of

large-scale renewable generation should prevent possible prosumagers overinvestment.


Seite 16 von 22

8 Conclusion

We are facing dramatic challenges with climate changes, that can be overcome with adequate

planning of power systems, installing renewable generation, and flexible operating. Energy

storage systems play a key role in providing sustainable and flexible power grids with

generation from renewable sources. When grids were regional with a small number of

interconnections, pumped hydro plants had one simple regional usage. Today, with new

technologies and generation from renewable energy sources, the electricity market needs

energy storage more than ever to ensure stability. Considering smart grids and distributed

energy sources, prosumagers are new market players, hence storage systems are needed

locally as well. Analysis of storage systems shows that we need storage installations in every

part of the electricity grids: transmission, distribution, for large- scale, locally beside wind and

solar plants and in our homes.

Future development of net-zero emissions by 2050, depends on energy storage systems

development as storage technology costs are still a major barrier. Overview of storage

technology shows wide research in different systems, but still, PHS, CAES is leading cost-

efficient technology for large scale storage. Batteries and flywheels are important for backup

and fast response application, hence we conclude that cost for batteries technology will further

decrease, especially with the changes in the transport sector and a new paradigm of e-mobility.

The environmental aspect should be analyzed in every cost calculation since costs for

recycling and disposing of batteries are rather omitted in the analyzed literature. Storage

systems should be developed proportionally to the renewable shares in the power systems

and following demand for electric vehicles. The major contribution of this paper is a

comprehensive energy storage review considering technology and feasibility. Analysis shows

the importance of installing higher capacity levels of storage systems in power grids, as a

measure for operating and balancing the future Internal European market. As energy storage

systems are the main source of flexibility in the electricity market, it is expected for the storage

market to rise and balance possible price fluctuations. Hence, future research should focus on

improving operating strategies and market frameworks.


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Nomenclature

kWh kilowatt-hour

MW megawatt

MWh megawatt-hour

GW gigawatt

GWh gigawatt-hour

Abbreviations

ACAES

Br-PTES

CAES

CAPEX

COVID-19

CO2

DOE

ES

EU

EVs

FESS

GHG

ICAES

IEA

Li-ion

NTSS

OPEX

PV

PHS

PHES

Ra-PTES

RES

UK

UPHES

USA

Adiabatic CAES

Brayton cycles Pumped Thermal Electricty Storage

Compressed Air Energy Storage

Capital Expenditure

Corona Virus Disease 2019.

Carbon dioxide

Global Energy Storage Database

Energy Storage

European Union

Electric vehicles

Flywheel Energy Storage

Green House Emissions

Isothermal CAES

International Energy Agency

Lithium-ion

National Technology & Engineering Sciences of Sandia

Operating Expenses

Photovoltaic

Pumped Hydro Storage

Pumped Hydro Energy Storage

Rankine cycles Pumped Thermal Electricity Storage

Renewable Energy Sources

United Kingdom

Underground PHES

United States of America


Seite 18 von 22

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a review of energy storage systems in electricity markets

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