Price of advanced compressed air energy storage system

What is compressed air energy storage?

In the continuous development and commissioning of various energy storage technologies for nearly 50 years, compressed air energy storage (CAES) has become a large-scale physical energy storage technology with the largest capacity, mature technology and commercialization in addition to pumped storage.

Which energy storage technology has the lowest cost?

The “Energy Storage Grand Challenge” prepared by the United States Department of Energy (DOE) reports that among all energy storage technologies, compressed air energy storage (CAES) offers the lowest total installed cost for large-scale application (over 100 MW and 4 h).

Can compressed air energy storage improve the profitability of existing power plants?

Linden Svd, Patel M. New compressed air energy storage concept improves the profitability of existing simple cycle, combined cycle, wind energy, and landfill gas power plants. In: Proceedings of ASME Turbo Expo 2004: Power for Land, Sea, and Air; 2004 Jun 14–17; Vienna, Austria. ASME; 2004. p. 103–10. F. He, Y. Xu, X. Zhang, C. Liu, H. Chen

Where is compressed air stored?

Compressed air is stored in underground caverns or up ground vessels , . The CAES technology has existed for more than four decades. However, only Germany (Huntorf CAES plant) and the United States (McIntosh CAES plant) operate full-scale CAES systems, which are conventional CAES systems that use fuel in operation , .

How much does the AA-CAES system cost?

From Table 4, the static construction cost of the AA-CAES system is about ¥66.79 million. According to the 70% investment cost coming from the bank loan, under the known annual interest rate, the system needs to repay the principal and interest to the bank for a total of ¥6.024 million each year during the repayment period.

What are the main components of a compressed air system?

The largest component in such systems is the storage medium for the compressed air. This means that higher pressure storage enables reduced volume and higher energy density.