This work investigates the costs of deploying utility-scale energy storage technologies for applications such as renewable time shift, frequency regulation, and capacity. Specifically, eight technologies were selected for investigation, including Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Titanate, Vanadium Redox, Zinc Redox, Zinc Hybrid Cathode, Pumped Hydroelectric Storage, and Thermal Energy Storage. In addition, several emerging technology providers were selected for investigation. Through research, industry experience, and in-house data, it was observed that energy storage costs are, in general, projected to decline. However, increases in natural resource prices and constraints in manufacturing capacities are factors that will influence the degree to which energy storage costs decrease. A comparatively mature balance of system equipment is expected to follow standard inflation rates and market trends. Research and development efforts in utility-scale energy storage are focused on continuing to reduce costs, improve safety and reliability, and allow for market integration. For relatively mature lithium-ion batteries, recent research focuses on quantifying degradation and the afterlife use of vehicle batteries in utility applications. For flow batteries, innovation has been undertaken on integrated systems, standardization, and new business models. In addition, new technologies continue to emerge that promise advantages in performance, costs, and/or safety, including the Gravity Power Module, Ice Bear® by Ice Energy, Grid-Interactive Electric Thermal Storage (GETS) by Steffes, Bright Energy’s Thermal Energy Storage System, Earth Battery, and bGen™ by Brenmiller.
Energy storage cost, Lithium-Ion, Flow battery, Cost projections, Storage equipment, Balance of system