Interest in integrating energy storage systems into the power grid has increased in Europe over the past decade due to strategies to overcome the intermittent nature of renewable electricity sources. One of these technologies is compressed air energy storage (CAES). The main purpose of this paper is to examine the technical and economic potential of CAES systems. In this work, two configurations a) Adiabatic Compressed Air Energy Storage (A-CAES); and b) Conventional Compressed Air Energy Storage (C-CAES) were modelled using the ECLIPSE suite of process simulation software. The nominal compression and power generation of both systems were given at 100MWe and 140MWe respectively. For each mode of operation an energy analysis was carried out. Energy use was calculated and compared for each system mode. Based on the results of mass and energy balances, an economic evaluation of the systems was conducted. Technical results showed that the overall efficiency of the A-CAES system would be 64.7%, considerably better than that of the C-CAES system at 52.6%. However it could be seen in the economic analysis that the breakeven electricity selling price (BESP) of the A-CAES system was 152€/MWh, much higher than that of the C-CAES system at 95€/MWh on average.
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- Adiabatic compressed air energy storage
- Conventional compressed air energy storage
- Techno-economic analysis
- Process modelling
- Break-even electricity selling price