How many benefits can be delivered by energy storage depends, among others, on how future technology will be designed. Consequently, research and development (R&D) must evaluate the techno-economic design of energy storage systems to be most beneficial. A traditional technology evaluation approach is to reduce the cost of its devices [ 4 ].
Traditional ways to improve storage technologies are to reduce their costs; however, the cheapest energy storage is not always the most valuable in energy systems. Modern techno-economical evaluation methods try to address the cost and value situation but do not judge the competitiveness of multiple technologies simultaneously.
We categorise the cost analysis of energy storage into two groups based on the methodology used: while one solely estimates the cost of storage components or systems, the other additionally considers the charging cost, such as the levelised cost approaches.
To ensure the efficient management of hybrid energy storage, reduce resource waste and environmental pollution caused by decision-making errors, systematic configuration optimization model as well as value measurement of hybrid energy storage in the new power system are deeply studied in this paper.
In general, energy storage systems can provide value to the energy system by reducing its total system cost; and reducing risk for any investment and operation. This paper discusses total system cost reduction in an idealised model without considering risks.
In face of the randomness and volatility of the renewable energy generation and the uncertainty of the load power consumption in the new power system, the optimal configuration of energy storage is very important, so that it can effectively act as a flexible power source or load when the system fluctuates.