Statistical Analysis of Levelized Round Trip Cost of Grid Scale Electrical Energy Storage in Batteries with Different Chemistries

Abstract

Electrical energy storage is a crucial component of the clean energy transition for integrating high share of renewable electricity generators into the supply mix. In this study, the round-trip costs of grid scale electrochemical energy storage from 2 up to 24 hours for peak power ratings of 1 MW and 10 MW in lithium-ion LFP, lithium-ion NMC, Pb-acid and vanadium redox flow batteries are compared using their currently projected techno-economic characteristics for year 2030. A statistical approach is used for estimating mean costs and quantifying the uncertainties in these estimates, since many of the techno-commercial features are still evolving and are uncertain. Using Monte Carlo simulations to derive the input parameters, the levelized round trip cost of energy storage is found to vary from Rs 10.73±0.77/kWh(e) to Rs 15.96±1.12/kWh(e) for Li-LFP batteries, Rs 14±1/kWh(e) to Rs 20.3±1.46/kWh(e) for Li-NMC batteries, Rs 19.1±1.39/kWh(e) to Rs 58.3±4.28/kWh(e) for Pb-acid batteries and Rs 18.7±1.37/kWh(e) to Rs 44.2±3.19/kWh(e) for Vanadium redox flow batteries, for the range of input values considered in this study. Through sensitivity analysis and calculation of correlation coefficients, the battery installed capital cost and useful lifetime are found to be the two most influential parameters affecting life cycle electrical energy storage cost.

Received: 30 August 2024 | Revised: 21 October 2024 | Accepted: 5 November 2024

Conflicts of Interest

The author declares that she has no conflicts of interest to this work.

Data Availability Statement

Data available on request from the corresponding author upon reasonable request.

Author Contribution Statement

Rupsha Bhattacharyya: Conceptualization, Methodology, Software, Validation, Formal analysis, Investigation, Data curation, Writing - original draft, Writing - review & editing, Visualization, Project administration.