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1 Introduction Levelised Cost of Electricity In addition to the power and energy requirements for a project, the cost of storage is of importance. One measure is the upfront capital cost, measured in $ kWh-1 or $ kW-1, however this does not account for the longevity and operating costs of the technology. The most useful metric to quantify the true cost of storage is the levelised cost of storage (LCOS), also measured in $kWh-1. Unlike the upfront cost, the LCOS considers the amount of energy delivered over the lifetime of the storage technology, not just the capacity for one discharge. If the LCOS is below the expected difference in electricity price between charging and discharging over the project period, installing the storage technology will be economically viable. The main parameters that influence the LCOS are upfront cost, number of expected cycles, useful lifetime in years, round trip efficiency and the maintenance and operating costs [25]. Different methodologies will result in different final LCOS, as many variables are not set and depend on a range of factors. One such comprehensive study [26], has quantified the LCOS for a range of technologies and applications, notable values have been selected, (Table 1.1). Table 1.1: Levelised cost of electricity for a transmission system sized at 100 MW and 800 MWh. Storage Type PHES CAES Li-Ion VRFB Lead Acid Flywheel LCOS ($ MWh-1) 152-198 116-140 267 - 561 314-690 425-933 342-555 From Table 1.1, it is clear that battery storage technologies are more expensive than pumped hydro and compressed air storage. The cheapest form of chemical storage is Li-ion batteries, whilst installed capacity is significantly below pumped hydro, deployments are growing quickly [27]. The above values are based on a modelled system with 8-hour discharge duration and uses values from 2016. 8PDF Image | Electron Transfer Kinetics in Redox Flow Batteries
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