Beyond cost reduction: improving the value of energy storage in electricity systems

Abstract

Highlights ∙ Review of evaluation methods for energy storage identifies need for new approaches. ∙ Formulation of new ‘market-potential method’ to identify value of storage. ∙ Pitfalls of cost approaches are identified in an European electricity system. ∙ Increasing storage design-freedom impacts technology value and system benefit. ∙ The ‘market-potential-method’ is useful for research and industry.

Keywords

• Battery
• Hydrogen
• Energy storage
• Energy system modelling
• Techno-economic analysis
• Technology development