Despite many long-duration energy storage (LDES) technologies being in their infancy and more expensive than lithium-ion batteries, some are already achieving or are expected to achieve lower costs for longer durations, according to BloombergNEF.
From pv magazine ESS News site
The interest in long-duration energy storage (LDES) is growing swiftly as the demand for reliable clean energy capacity increases. Since most LDES technologies are still developing, cost information is not widely available. BloombergNEF aims to bring clarity with its first LDES cost survey.
In their report, BNEF analyzed seven LDES technology groups and 20 technology types, discovering that the most affordable technologies are already offering cheaper storage solutions than lithium-ion batteries for durations exceeding eight hours.
Thermal energy storage and compressed air storage reported average capital expenditures (capex) of $232/kWh and $293/kWh, respectively. In contrast, lithium-ion systems had an average capex of $304/kWh for four-hour duration systems in 2023, which are generally used for shorter-term storage.
The factors influencing LDES capex include storage duration, project size, and location. Gravity energy storage systems, which lift weights during charging and release them in a controlled manner during discharging, have the highest average capex at $643/kWh.
The pace of cost reduction for LDES technologies will largely depend on the scale of deployment and the development of market pathways in key regions, according to BNEF.
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