How to calculate the unit cost of an independent energy storage power station

How should energy storage be assessed?

Economic assessment of energy storage must be based on the lifetime cost of energy or power delivered, factoring in all parameters for technology cost, performance, and the service it provides.

Is there an economic indicator to compare energy storage systems?

Nevertheless, as of today, there is no generally accepted economic indicator which would allow us to compare different energy storage systems, unlike in the planning of construction of power plants, for example, where the indicator “Levelised Cost of Electricity (LCOE)” has been accepted.

What is electrical energy storage?

The electrical energy storage system is designed to compensate for load power shedding and surges inadmissible for gas engine generators. Table 1 shows the input data necessary for LCOS calculation. The base prices shown in Table 1 were used to calculate the value of the levelised cost of energy storage.

Can a PV & storage power plant be combined?

The combination of a PV plant with storage is co nsidered a PV & Storage Power Plant. The simple model is wn in Figure 5. By means of such a model one can compare the energy cost of PV & storage with alternative ethods to provide energy, e.g. diesel generation. system).

What is the combined levelized cost of energy?

In general, the combined levelized cost of energy lies between the LCOE of PV and LCOE of storage. Correction factor K for LCOE calculation. Comparison between exact formula with approximation formula. ‡ .

How is electricity delivered over its lifetime calculated?

At the design stage, the amount of electricity delivered over its lifetime can be calculated based on the service life of the storage unit, determined by the number of complete charge-discharge cycles, or based on the estimated lifetime of the ESS considering its operation mode, for example, operating as a backup power supply. 3. LCOS calculation