Economic efficiency of energy storage systems for renewable energy power plants integration in the energy system

Abstract

The features of the main flexibility mechanisms, limitations to their application, and price characteristics have been considered. The advantages of equipping RES-based generation with energy storage devices have been noted. Investment and operating costs of a storage device for 60 kW capacity and their ratio with the corresponding costs of solar power plants have been analyzed. On the basis of model calculations, the change in the levelized cost of electricity (LCOE) when a solar power plant is supplemented with a storage device has been estimated. It has been shown that equipping a solar power plant with an accumulator, despite high capital costs, will lead to an increase in the electricity cost on average for the entire period of operation by only 3–17 % due to the expected increase in utilization and volume of electricity production, as well as the projected decrease in the cost of accumulators. At the same time, a significant increase in the energy system stability will be ensured. It has been noted that it is necessary to tighten the requirements for the installed capacity utilization rates of power plants and to give priority to projects with storage facilities in the competitive selection of RES generation under capacity supply contract programs.

Keywords

• electric power industry
• renewable energy sources
• energy storage system
• levelized cost of electricity (lcoe)
• economic efficiency
• power system flexibility
• capacity factor