Research Article
Economic Analysis of Chemical Energy Storage Technologies
@INPROCEEDINGS{10.1007/978-3-319-33681-7_23, author={Parvez Khan and Bala Venkatesh}, title={Economic Analysis of Chemical Energy Storage Technologies}, proceedings={Smart City 360°. First EAI International Summit, Smart City 360°, Bratislava, Slovakia and Toronto, Canada, October 13-16, 2015. Revised Selected Papers}, proceedings_a={SMARTCITY360}, year={2016}, month={6}, keywords={Evaluation Time value Discounting Pay-back period Debt-service coverage Net present value Internal rate of return Weighted average cost of capital Benefit-cost ratio Viable}, doi={10.1007/978-3-319-33681-7_23} }- Parvez Khan
Bala Venkatesh
Year: 2016
Economic Analysis of Chemical Energy Storage Technologies
SMARTCITY360
Springer
DOI: 10.1007/978-3-319-33681-7_23
Abstract
Smart Grid Technologies are set to transform electric power systems and energy storage is a key tools that will enable this transformation. Energy storage provides innumerable services such as energy arbitrage, frequency regulation, transmission and distribution system deferral, etc. In electric power systems, asset procurement is based upon investment models that ultimately minimize net amortized annual asset costs to supply a unit of electric energy. Accordingly, energy storage procurement is also scrutinized for cost-effectiveness. This paper provides cost effectiveness of different electrical energy storage technologies when used for single and multiple energy storage services. Different popular economic parameters like Net Present Value, Internal Rate of Return, Cost-Benefit Ratio, etc. are estimated to find out cost effectiveness of the technologies.