Analytical and quantitative assessment of capital expenditures for construction of an aboveground suspended weight energy storage

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Analytical and quantitative assessment of capital expenditures for construction of an aboveground suspended weight energy storage. / Kropotin, P.; Marchuk, I.

In: Renewable Energy, Vol. 220, 119587, 01.2024.

Research output: Contribution to journal › Article › peer-review

BibTeX

@article{dec63f3774664c49ae9d1e2b4eae11bc,

title = "Analytical and quantitative assessment of capital expenditures for construction of an aboveground suspended weight energy storage",

abstract = "The capital expenditures to energy capacity ratio (capex) stands as a key competitive metric for energy storage systems. This paper presents an evaluation of this indicator for an aboveground suspended weight energy storage system. For the first time, an analytical foundational correlation was found between capital expenditures of gravity energy storage, its energy capacity, and storage power. The correlation reveals that capex can be expressed as the sum of three components: one inversely proportional to discharge duration, another inversely proportional to the square root of energy capacity, and a constant term. By using established construction and power element prices the study demonstrates that capex can be reduced to less than 600 $/kW·h for discharge durations of 4 h or more, and can decrease to nearly 450 $/kW·h for a 10-h discharge duration. Employing the computed capex an evaluation of the total cost of ownership was conducted and juxtaposed with lithium-ion energy storage. The gains from adopting gravity technology become significant starting from the initial replacement of degraded Li-ion batteries. This scenario results in nearly a twofold savings in the ownership cost of gravity energy storage system over a 20-year operational span with further prospects for enhanced economic benefits.",

author = "P. Kropotin and I. Marchuk",

note = "{\textcopyright} 2023 Elsevier Ltd.",

year = "2024",

month = jan,

doi = "10.1016/j.renene.2023.119587",

language = "English",

volume = "220",

journal = "Renewable Energy",

issn = "0960-1481",

publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - Analytical and quantitative assessment of capital expenditures for construction of an aboveground suspended weight energy storage

AU - Kropotin, P.

AU - Marchuk, I.

PY - 2024/1

Y1 - 2024/1

N2 - The capital expenditures to energy capacity ratio (capex) stands as a key competitive metric for energy storage systems. This paper presents an evaluation of this indicator for an aboveground suspended weight energy storage system. For the first time, an analytical foundational correlation was found between capital expenditures of gravity energy storage, its energy capacity, and storage power. The correlation reveals that capex can be expressed as the sum of three components: one inversely proportional to discharge duration, another inversely proportional to the square root of energy capacity, and a constant term. By using established construction and power element prices the study demonstrates that capex can be reduced to less than 600 $/kW·h for discharge durations of 4 h or more, and can decrease to nearly 450 $/kW·h for a 10-h discharge duration. Employing the computed capex an evaluation of the total cost of ownership was conducted and juxtaposed with lithium-ion energy storage. The gains from adopting gravity technology become significant starting from the initial replacement of degraded Li-ion batteries. This scenario results in nearly a twofold savings in the ownership cost of gravity energy storage system over a 20-year operational span with further prospects for enhanced economic benefits.

AB - The capital expenditures to energy capacity ratio (capex) stands as a key competitive metric for energy storage systems. This paper presents an evaluation of this indicator for an aboveground suspended weight energy storage system. For the first time, an analytical foundational correlation was found between capital expenditures of gravity energy storage, its energy capacity, and storage power. The correlation reveals that capex can be expressed as the sum of three components: one inversely proportional to discharge duration, another inversely proportional to the square root of energy capacity, and a constant term. By using established construction and power element prices the study demonstrates that capex can be reduced to less than 600 $/kW·h for discharge durations of 4 h or more, and can decrease to nearly 450 $/kW·h for a 10-h discharge duration. Employing the computed capex an evaluation of the total cost of ownership was conducted and juxtaposed with lithium-ion energy storage. The gains from adopting gravity technology become significant starting from the initial replacement of degraded Li-ion batteries. This scenario results in nearly a twofold savings in the ownership cost of gravity energy storage system over a 20-year operational span with further prospects for enhanced economic benefits.

UR - https://www.scopus.com/record/display.uri?eid=2-s2.0-85178228710&origin=inward&txGid=4ac67e3ee70336f11b9d688216326d94

UR - https://www.mendeley.com/catalogue/ecabaef0-a8b2-3d9f-9301-df1d7709db6d/

U2 - 10.1016/j.renene.2023.119587

DO - 10.1016/j.renene.2023.119587

M3 - Article

VL - 220

JO - Renewable Energy

JF - Renewable Energy

SN - 0960-1481

M1 - 119587

ER -

ID: 59339707