Review and Techno-Economic Analysis of Emerging Thermo-Mechanical Energy Storage Technologies

Khem Raj Gautam (), Gorm Brunn Andresen and Marta Victoria
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Khem Raj Gautam: Vestas aircoil A/S, Smed Hansens Vej 13, 6940 Lem, Denmark
Gorm Brunn Andresen: Department of Mechanical Engineering, Aarhus University, 8000 Aarhus, Denmark
Marta Victoria: Department of Mechanical Engineering, Aarhus University, 8000 Aarhus, Denmark

Energies, 2022, vol. 15, issue 17, 1-28

Abstract: Thermo-mechanical energy storage can be a cost-effective solution to provide flexibility and balance highly renewable energy systems. Here, we present a concise review of emerging thermo-mechanical energy storage solutions focusing on their commercial development. Under a unified framework, we review technologies that have proven to work conceptually through project demonstration at a scale above 1 MW by describing the current state of commercial development, quantifying techno-economic parameters, outlining the challenges, and assessing each technology’s potential for commercial viability. The levelized cost of storage for thermo-mechanical energy storage at storage duration between 8 h and 1 week is cheaper than that of lithium-ion batteries and hydrogen storage; however, energy storage for such duration does not pay for itself at the current renewable penetration levels. For medium-term energy storage to be viable, at the realistic storage cost of 15 USD/kWh to 40 USD/kWh, the investment cost for power components should decrease to one-fifth of the current costs. Thermo-mechanical energy storage can be economically viable at the current investment costs in off-grid systems only when the marginal cost of alternative fuel exceeds 100 USD/MWh. We identified the cost ratio (charge power cost/discharge power cost) and the discharge efficiency as the critical technology-related performance parameters. Other external factors such as wind and solar fractions, demand, interconnections, sector coupling, and market structure play an important role in determining the economic feasibility of thermo-mechanical energy storage.

Keywords: energy storage; thermo-mechanical; market analysis; techno-economic optimization (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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