Evaluation of energy storage technologies for efficient usage of wind power in the far-eastern region: A techno-economic analysis

A techno-economic analysis was conducted on energy storage systems to determine the most promising system for storing wind energy in the far east region. A lithium-ion battery, vanadium redox flow battery, and fuel cell-electrolyzer hybrid system were considered as candidates for energy storage system. We developed numerical model using the data that obtained from commercially available systems to increase reliability of our results. First, we analyzed energy and exergy efficiency for the energy storage systems. The lithium-ion battery was the most efficient energy storage system for storing wind energy whose energy and exergy efficiency were 71% and 61.5%, respectively. The fuel cell-electrolyzer hybrid system, however, showed the lowest performance of 46% for energy efficiency, and 41.5% for exergy efficiency. Therefore, lithium-ion battery is the most efficient energy storage system for storing wind energy in far east region. Furthermore, the economic aspects of the considered systems were analyzed using the ratio of the energy stored to the electrical energy invested. The most economically favorable energy storage system was fuel cell-electrolyzer hybrid system whose value is about 53. The ratio of the energy stored to the electrical energy invested of lithium-ion battery showed the lowest value of 29. Therefore, we can store more energy per unit investment by applying the fuel cell-electrolyte hybrid system to the wind turbine. In conclusion, we can know that the most energetically promising device for storing wind energy in the far east was the lithium-ion battery, and the most profitable device was the fuel cell-electrolyzer hybrid system.