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Projecting the future levelized cost of electricity storage technologies

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Title: Projecting the future levelized cost of electricity storage technologies
Authors: Schmidt, O
Melchior, S
Hawkes, A
Staffell, I
Item Type: Journal Article
Abstract: The future role of stationary electricity storage is perceived as highly uncertain. One reason is that most studies into the future cost of storage technologies focus on investment cost. An appropriate cost assessment must be based on the application-specific lifetime cost of storing electricity. We determine the levelized cost of storage (LCOS) for 9 technologies in 12 power system applications from 2015 to 2050 based on projected investment cost reductions and current performance parameters. We find that LCOS will reduce by one-third to one-half by 2030 and 2050, respectively, across the modeled applications, with lithium ion likely to become most cost efficient for nearly all stationary applications from 2030. Investments in alternative technologies may prove futile unless significant performance improvements can retain competitiveness with lithium ion. These insights increase transparency around the future competitiveness of electricity storage technologies and can help guide research, policy, and investment activities to ensure cost-efficient deployment.
Issue Date: 16-Jan-2019
Date of Acceptance: 4-Dec-2018
URI: http://hdl.handle.net/10044/1/75632
DOI: 10.1016/j.joule.2018.12.008
ISSN: 2542-4351
Start Page: 81
End Page: 100
Journal / Book Title: Joule
Volume: 3
Issue: 1
Copyright Statement: © 2018 Elsevier Inc. This manuscript is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence http://creativecommons.org/licenses/by-nc-nd/4.0/
Sponsor/Funder: Natural Environment Research Council (NERC)
Engineering & Physical Science Research Council (EPSRC)
Funder's Grant Number: NE/N018656/1
EP/R045518/1
Keywords: Science & Technology
Physical Sciences
Technology
Chemistry, Physical
Energy & Fuels
Materials Science, Multidisciplinary
Chemistry
Materials Science
ENERGY-STORAGE
LIFE
DEPLOYMENT
BATTERIES
Publication Status: Published
Open Access location: https://doi.org/10.1016/j.joule.2018.12.008
Online Publication Date: 2019-01-09
Appears in Collections:Centre for Environmental Policy
Chemical Engineering
Faculty of Natural Sciences



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