Levelised cost of electricity for electrical energy from renewable resources under consideration of corresponding energy storage

Abstract

Energy storage is an essential way of balancing load, from that point battery technologies and their price development will build future energy systems. In the given work, development of advanced grid technologies and cost analyses in the field of renewable energy production considering energy storage studied. The target of this research was to determine renewable electricity production costs with related cost components by formulating a calculation model for varying input data. To achieve research target, objectives defined as determination of necessary storage requirements for different renewable energy sources and optimization of energy cost for particular types of consumers. Literature research made based on the review of related energy storage and system concept with extensive operation methods. Calculation input data procured and categorized for every reference problem. Current microgrid applications and their relation with grid stabilization control methods reviewed. Storage technology with renewable adaptation for different type of load profiles and consumer types discussed. As a result, different scenarios including cost optimization components, storage capacities and renewable energy production amounts listed. Mainly small scale applications utilize renewable energy systems with energy storage combination identify the application area of the study. The research and calculation based on cost optimization presented that, energy storage is an essential way to balance load by contributing renewable energy utilization and reducing carbon dioxide emissions.