The value of energy storage in a ‘zero carbon’ energy system, with applications to UK

As the global economy is transitioning away from high carbon energy resources, it is widely expected that a large share of future electricity will be generated from renewable energy sources, such as wind and solar (see, for example, IEA (2023)). However, due to the intermittent nature of the renewable energy sources, electricity storage systems are expected to play a crucial role in balancing variations in wind and solar output to continuously meet electricity demand. 

A variety of technologies are available for energy storage, each with its own advantages and disadvantages. Some of the most common technologies include pumped hydroelectricity storages, electrochemical battery energy storages, mechanical energy storages (compressed-air energy storage, flywheels, gravity storages and pumped heat electrical storages), thermal and phase transition energy storages (liquid to air transition energy storages and thermal sand batteries) and hydrogen (Junge et al. 2022). While pumped hydroelectric storage is a mature technology and can store large amount of energy, its application is naturally limited by geographic conditions. This project will focus on other utility-scale energy storage technologies.  

The value of utility-scale energy storage derives, broadly, from two channels: energy arbitrage—charging when there is excess electricity and discharging when the demand is high—and ancillary services such as fast response and frequency control, both of which depend crucially on the electricity prices (Martins and Miles, 2021). However, as more storage capacities are built, the charging and discharging of storage will have an impact on electricity prices therefore affecting the value of the storage. 

Key Objectives

1. Assess the Role of Utility-Scale Energy Storage in a Low-Carbon Grid
2. Evaluate and Compare Energy Storage Technologies
3. Investigate the Economic Value of Energy Storage
4. Develop a Methodology for Ranking Storage Technologies
5. Support the Transition to a Net-Zero Economy

Potential Impact

1. Optimized Energy Storage Integration
2. Improved Grid Reliability and Efficiency
3. Economic and Market Benefits
4. Innovation and Technological Advancement
5. Energy Independence and Sustainability

Possible internship/placement opportunities

1. Eden Campus Energy Park- St Andrews University: The project's main objective is to enhance innovation in energy, storage, and conversion companies by providing scale-up facilities for the translation of Research & Development (R&D) into prototyping and manufacturing. Additionally, they are offering test and development space where companies can access high-quality equipment, facilities, and university expertise are additional objectives within this endeavour.
2. Connected Response (The company located at Oxford to develop joint research on utilising curtailed wind energy for social house heating with electric storage heaters, which is another area could be looked into. 

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