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The discrete nature of the model presents some limitations for data analysis purposes. Particularly, under certain conditions, the model can produce seemingly discontinuous curves, because it is discrete on the scale of days, which can result in a mismatching of the fade experienced in a day versus where the capacity limit lies. For example, if fade rates differ by a small amount (say, 0.01% per day), they may result in the same number of rebalancing and servicing events and thus ultimately the same LCOS. However, eventually, that small increase in fade rate will lead to the addition of a rebalancing and/or servicing event, which will change the LCOS. Thus, curves can appear piecewise or even oscillate if the variable at hand changes the capacity and the costs simultaneously (i.e., the sizing discussion in section 3.2). Because of this, polynomial fits are used in place of the raw output for some of the subsequent plots to more cleanly present trends (which are not altered by this representation). 2.3 Model validation To validate our model outputs, we compare our base case to other LCOS models of VRFBs in the open literature. Lazard’s annual levelized cost of storage analysis is a useful source for costs of various energy storage systems, and, in 2018, reported levelized VRFB costs in the range of 293- 467 $ MWh-1 (for mid-scale systems ~10 MWh) [55]. Running the partial rebalancing model with a capital cost of 410 $ kWh-1 (the mean value given by Lazard for VRFBs of this size) and all other baseline values, the LCOS for the baseline VRFB system determined by this model is 420 $ MWh- 1. Using the lowest capital cost considered in this work (300 $ kWh-1) gives a LCOS of 350 $ MWh-1. Both values are within Lazard’s range of VRFB LCOS values. Other studies that calculate the LCOS of VRFBs and other RFBs report a wide range of values, though many of the more relevant scenarios, with respect to discount rate, size, etc., fall between 200 and 600 $ MWh-1 [6,56,80]. 3. Results and discussion Leveraging this LCOS model, we begin our study with a sensitivity analyses of input technical and economic parameters and then explore practical operating and design considerations such as rebalancing frequency and battery oversizing. In these analyses we examine the LCOS tradeoffs 28PDF Image | Bringing Redox Flow Batteries to the Grid
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