Liquid air energy storage offers a promising solution for grid-scale energy storage, providing a clean and scalable way to store electricity for days or longer. By leveraging the abundance of air, LAES systems can help ensure energy security and reliability as the world transitions to renewable energy sources.
Long-duration energy storage is crucial for ensuring a reliable power grid that can deliver electricity 24/7. As ‘the world moves towards reducing carbon emissions,’ renewable sources of electricity will play an increasing role on grids, but they only generate electricity when it’s sunny or windy. To address this challenge, researchers have been exploring various methods of long-duration energy storage.
Energy storage systems play a crucial role in modernizing the way we produce, distribute, and consume energy.
These systems enable the efficient collection, conversion, and utilization of renewable energy sources such as solar and wind power.
Advances in battery technology have improved energy storage capacity, reducing costs and increasing efficiency.
According to the International Energy Agency (IEA) , global energy storage capacity is expected to reach 1,400 GWh by 2025.
This growth will support a significant increase in renewable energy adoption, helping to reduce greenhouse gas emissions and mitigate climate change.
One promising approach is liquid air energy storage (LAES), which involves liquefying air using electricity and storing it in highly insulated tanks at very low temperatures and atmospheric pressure. When the power grid needs added electricity, the liquid air is pumped to a higher pressure and heated, turning it back into a gas that expands in a turbine to generate electricity.
Liquid air energy storage (LAES) is a novel approach to storing excess electrical energy.
It involves cooling air to its liquid state, which can be stored in tanks and then reconverted back into gas when needed.
This process releases heat, generating steam that drives turbines to produce electricity.
LAES offers high efficiency, scalability, and flexibility, making it an attractive alternative to traditional battery storage.
With a capacity of up to 10 hours, LAES can provide reliable backup power during peak demand periods.
Technical Feasibility and Benefits
LAES systems have been built, demonstrating their technical feasibility. They offer several benefits, including being clean, scalable, and sited almost anywhere. The system can be built largely from commercially available components and does not rely on expensive or rare materials. Additionally, LAES systems can provide electricity supply for days or longer, making them an attractive option for long-duration energy storage.
Economic Viability
Calculating the economic viability of LAES requires determining its net present value (NPV) over a project’s lifetime. Researchers have developed a model that takes into account various factors, including future energy markets, prices, and subsidies. The results show that under some scenarios, LAES could be economically viable in certain locations.
Sensitivity Analyses
The researchers conducted sensitivity analyses to test the NPVs of LAES systems with different storage capacities. They found that increasing the storage capacity can make LAES more economically viable, but this approach may not be feasible due to high costs.
Improving Economic Viability
To improve economic viability, the researchers analyzed two possible approaches: increasing energy efficiency and providing financial incentives. Increasing energy efficiency did not significantly impact economic viability, while providing subsidies on capital expenditures made a significant difference. Assuming subsidies of between 40% and 60% made the NPVs for LAES systems positive under all realistic scenarios.
Economic viability refers to a project's or business's ability to generate sufficient revenue to cover its costs and remain profitable.
It involves analyzing the financial feasibility of an investment, taking into account factors such as initial capital outlay, operating expenses, and potential returns on investment.
A project is considered economically viable if it can break even within a reasonable timeframe, typically one to three years.
Economic viability assessment helps investors and stakeholders make informed decisions about resource allocation and risk management.
Cost Comparison with Other Energy Storage Technologies
The levelized cost of storage (LCOS) is a commonly used measure to compare the costs of different energy storage technologies. The LAES technology excels in this regard, with an LCOS of about $60 per megawatt-hour. This is significantly lower than lithium-ion battery storage and pumped hydro.
Conclusion
Liquid air energy storage holds promise as a key energy storage solution for the future. While it may not be economically viable today, its LCOS makes it an attractive option for grid-scale energy storage expansion. As ‘the world transitions to renewable energy sources,’ LAES could play a crucial role in ensuring energy security and reliability.
