Abstract
Different energy storage technologies have particular applications with advantageous techno-economic characteristics. For this reason, the present and future Levelised Costs Of Storage (LCOS) of commercially mature energy storage technologies have been analysed in the current literature. Emerging energy storage technologies, such as long-duration flywheels, are also vying to capture the energy storage market, but uncertainties linger as to which applications they can capture due to limited and reliable publicly available data. In this work, we determined the future LCOS of a typical 1 MW installation of stationary electrochemical energy storage (lead-acid, sodium-sulphur, and lithium-ion battery) and mechanical energy storage technologies (short-duration flywheel and long-duration flywheel) under different applications from 2020 to 2050 using updated relevant techno-economic parameters. Based on the present costs of energy storage, lithium-ion batteries yield the lowest LCOE across different energy storage applications, corroborating with previous outlooks from different scholarly works. The cost advantage of lithium-ion batteries compared to other storage technologies continues to rise over the years due to their rapid cost decline. In the absence of lithium-ion batteries, long-duration flywheels initially provide the lowest cost for a wide range of applications, but they face stiff competition with sodium-sulphur batteries. By 2040, sodium-sulphur batteries are projected to have a lower LCOS than long-duration flywheels. Promoters and manufacturers of emerging energy storage technologies must find ways to rapidly decrease storage costs to secure their niche in the energy storage market.
