Environmental and Economic Assessment of a Battery Energy Storage System in Vestmannaeyjar
As efforts are made to decarbonize the electric grid, energy storage systems are solving many problems faced by the transition. An energy storage technology that is considered well suited for utility scale applications is the vanadium redox flow battery. With data seldom available, its efficacy to a...
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| Format: | Thesis |
| Language: | English |
| Published: |
2021
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| Online Access: | http://hdl.handle.net/1946/39960 |
| Summary: | As efforts are made to decarbonize the electric grid, energy storage systems are solving many problems faced by the transition. An energy storage technology that is considered well suited for utility scale applications is the vanadium redox flow battery. With data seldom available, its efficacy to aid the transition in while remaining environmentally benign and economically feasible is the subject of debate. The purpose of this study is to demonstrate a comprehensive understanding of the environmental impacts and economic costs of deploying a vanadium redox flow battery in Vestmannaeyjar. The system is assessed through life cycle assessment and levelized cost of electricity stored methodology. This study fills a gap in literature by assessing the system from two different perspectives and identifying the connection between them for this unique application. Life cycle inventory data was obtained from a manufacturer and from literature. Results from both assessments revealed an inferior outcome compared to a lithium ion alternative unless the vanadium electrolyte is rebalanced and reused. Significant environmental impacts are caused through the production of the vanadium based electrolyte for the battery and the source of input power over the systems lifetime. The hot-spot analysis results showed that the electrolyte production was the main contributor to most of the impact categories, however when the electrolyte is recovered, the impacts are significantly reduced. The results of this study highlight the importance of using a cradle-to-cradle perspective when evaluating energy storage systems and monetizing environmental impacts to make more well-informed decisions. |
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