An intertemporal decision framework for electrochemical energy storage management

Guannan He, Qixin Chen, Panayiotis Moutis, Soummya Kar and Jay F. Whitacre ()
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Guannan He: Carnegie Mellon University
Qixin Chen: Tsinghua University
Panayiotis Moutis: Carnegie Mellon University
Soummya Kar: Carnegie Mellon University
Jay F. Whitacre: Carnegie Mellon University

Nature Energy, 2018, vol. 3, issue 5, 404-412

Abstract: Abstract Dispatchable energy storage is necessary to enable renewable-based power systems that have zero or very low carbon emissions. The inherent degradation behaviour of electrochemical energy storage (EES) is a major concern for both EES operational decisions and EES economic assessments. Here, we propose a decision framework that addresses the intertemporal trade-offs in terms of EES degradation by deriving, implementing and optimizing two metrics: the marginal benefit of usage and the average benefit of usage. These metrics are independent of the capital cost of the EES system, and, as such, separate the value of EES use from the initial cost, which provides a different perspective on storage valuation and operation. Our framework is proved to produce the optimal solution for EES life-cycle profit maximization. We show that the proposed framework offers effective ways to assess the economic values of EES, to make investment decisions for various applications and to inform related subsidy policies.

Date: 2018
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DOI: 10.1038/s41560-018-0129-9

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