Optimal Multi-Criteria Selection of Energy Storage Systems for Grid Applications

Abstract

Currently, a wide variety of energy storage alternatives are available, each with a unique set of characteristics advantageous on selective applications. Current studies focus only on levelized costs on predicting the best-fit technology for specific applications. The study addresses this limitation by considering multiple factors on the selection process among technologies for specific applications. A systematic approach on the selection of energy storage technologies based on multiple and possible conflicting factors was proposed in this study for two specific applications: frequency regulation and load levelling. Fuzzy Analytic Hierarchy Process was utilized to generate the relative importance of each criterion. Monte Carlo simulations were performed to reflect the effect of battery characteristics and operating parameters uncertainties on the resulting scores of technologies. Grey Relational Analysis was used to aggregate the performance attributes of alternatives into a single score reflecting the desirability of alternatives. The levelized costs dominated all other criteria for both applications. Lithium ion battery dominated all technologies for both applications resulting from its well-rounded performance across all considered attributes. Results emphasized the importance of considering socio-economic indicators alongside techno-economic parameters on selecting the technology for future deployment. Thorough analysis on the results is important not only for decision-makers but for developers and innovators as well to direct future research.