Combined economic and technological evaluation of battery energy storage for grid applications

D. M. Davies, M. G. Verde, O. Mnyshenko, Y. R. Chen, R. Rajeev, Y. S. Meng () and Graham Elliott ()
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D. M. Davies: University of California San Diego
M. G. Verde: University of California San Diego
O. Mnyshenko: University of California San Diego
Y. R. Chen: University of California San Diego
R. Rajeev: University of California San Diego
Y. S. Meng: University of California San Diego

Nature Energy, 2019, vol. 4, issue 1, 42-50

Abstract: Abstract Batteries will play critical roles in modernizing energy grids, as they will allow a greater penetration of renewable energy and perform applications that better match supply with demand. Applying storage technology is a business decision that requires potential revenues to be accurately estimated to determine the economic viability, which requires models that consider market rules and prices, along with battery and application-specific constraints. Here we use models of storage connected to the California energy grid and show how the application-governed duty cycles (power profiles) of different applications affect different battery chemistries. We reveal critical trade-offs between battery chemistries and the applicability of energy content in the battery and show that accurate revenue measurement can only be achieved if a realistic battery operation in each application is considered. The findings in this work could call for a paradigm shift in how the true economic values of energy storage devices could be assessed.

Date: 2019
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DOI: 10.1038/s41560-018-0290-1

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