Energy storage and their combination with wind power compared to new nuclear power in Sweden : A review and cost analysis

Sammanfattning: As intermittent renewable energy sources such as wind and solar power gradually increase around the world, older technologies such as nuclear power is phased out in Sweden and many other countries. It is then important to ensure that the total power need is secured, and that the power grid can remain stable. One way of managing intermittent renewables is by using energy storage. The main goal of this thesis was to compare energy storage methods and their costs. A secondary aim was to investigate how the cost of developing more renewable energy sources, in combination with different energy storage methods, compares to erecting new nuclear power. This thesis was limited to three energy storage technologies, namely pumped hydro storage (PHS), compressed air energy storage (CAES), and four battery storage technologies. They were combined with wind power in the cost analysis. The comparison was done by performing a literature review and economical calculations, which focused especially on levelized cost of storage (LCOS). The results from the economic calculations indicated that PHS and CAES had lower LCOS than battery storage technologies. Similar results could be seen in the literature review as well. When comparing levelized cost of energy (LCOE) nuclear power had the lowest, €0.03-0.12 kWh-1, followed by wind power in combination with PHS and CAES, both around €0.07-0.24 kWh-1. This result was maintained also at sensitivity analysis regarding the discount rate, which both nuclear power and PHS proved rather sensitive to. Keywords: energy storage, nuclear power, wind power, pumped hydro storage, compressed air energy storage, battery energy storage, levelized cost of energy, Sweden