Projecting the Future Levelized Cost of Electricity Storage Technologies
By Oliver Schmidt, Sylvain Melchior, Adam Hawkes, Iain Staffell. Joule, 2019
823 citations recorded by the source corpus.
Summary The future role of stationary electricity storage is perceived as highly uncertain. One reason is that most studies into the future cost of storage technologies focus on investment cost. An appropriate cost assessment must be based on the application-specific lifetime cost of storing electricity. We determine the levelized cost of storage (LCOS) for 9 technologies in 12 power system applications from 2015 to 2050 based on projected investment cost reductions and current performance parameters. We find that LCOS will reduce by one-third to one-half by 2030 and 2050, respectively, across the modeled applications, with lithium ion likely to become most cost efficient for nearly all stationary applications from 2030. Investments in alternative technologies may prove futile unless significant performance improvements can retain competitiveness with lithium ion. These insights increase transparency around the future competitiveness of electricity storage technologies and can help guide research, policy, and investment activities to ensure cost-efficient deployment.
Subfields: Automotive Engineering, Electrical and Electronic Engineering, Energy Engineering and Power Technology
View Paper: https://www.semanticscholar.org/paper/89690a621a08eb45377fa1da8d095928838b1d40
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In Electrical and Electronic Engineering
In Energy Engineering and Power Technology
Citations in the corpus
- The potential for battery energy storage to provide peaking capacity in the United States (2019, background): “This could produce a trajectory in which 4-hour storage is built first, until it reaches the point of diminishing capacity value at some point in the future, allowing developers to take advantage of declining battery prices (Kittner, Lill, and Kammen 2017; Schmidt et al. 2019) and then build longer-”