The Electric Power Research Institute (EPRI) conducted an analysis of CAES plants at two different power levels (135 MW and 405 MW) as well as for a low fuel CAES system, hiring an EPC company to provide costs for installation and balance of plant (BOP) and a geologic company to provide air storage costs.
This technology strategy assessment on compressed air energy storage (CAES), released as part of the Long-Duration Storage Shot, contains the findings from the Storage Innovations (SI) 2030 strategic initiative.
An economic analysis using the levelized cost of storage (LCOS) indicates that the LCOS for large-scale CAES is only marginally higher than that of pumped hydro storage, positioning CAES for large-scale commercialization.
Over the past two decades, the assessment of Compressed Air Energy Storage (CAES) systems has gained significant attention for global sustainability. While research on material selection based on site conditions exists, a comprehensive framework for comparative analysis and guidance is lacking.
The "Energy Storage Grand Challenge" prepared by the United States Department of Energy (DOE) reports that among all energy storage technologies, compressed air energy storage (CAES) offers the lowest total installed cost for
Additional storage technologies will be added as representative cost and performance metrics are verified. The interactive figure below presents results on the total installed ESS cost ranges by technology, year, power capacity (MW), and duration (hr).
The objectives of this report are to define and compare energy storage technology costs and to evaluate these technologies across a variety of performance parameters.
The results reveal that compared with the traditional CAES system, the energy storage cost of CAES system can be reduced by 52% by adopting high temperature compression and low temperature storage.
This paper analyzed the lifetime costs of CAES systems using salt caverns and artificial caverns for air storage, and explores the impact of discharge duration, electricity purchasing price, and capital cost on the levelized cost of storage (LCOS).
The research underscores the importance of precise component selection in CAES system design and highlights the economic advantages of CAES with $4/kWh over battery storage with $28.66/kWh, particularly in large-scale energy storage applications.
