Cost-Effective new energy management strategies for hybrid energy storage solutions

Abstract

The objective has significantly expedited the adoption of renewable energy technology to achieve carbon neutrality and maximum emissions. Increasing wind absorption is possible with the use of electrical energy storage. Optimizing the energy storage mechanism also requires an energy management plan. In this study, we present a new approach to energy management and suggest a hybrid energy storage system (HESS) that integrates a power-to-gas converter with a compressed carbon dioxide energy storage system. The first step is to optimize the system’s volume and compare the suggested option to two others. Afterwards, three more cases are examined to confirm consistent findings. The next step is to run a sensitivity analysis. According to the comparative data, the new energy management (NEM) approach has a 25.65% and 24.51% lower levelized cost of electricity (LCOE) than the conventional alternatives in high wind resource (wind/load ratio > 0.30) regions. Still, the latter gains decline to much lower levels in moderate and low wind conditions. In addition, the NEMoption proved to be the most effective out of the four scenarios, further supporting the reliability of the comparison findings. Based on the sensitivity assessment results, optimizing the cost of the polymer electrolyte membrane electrolyzer (PEME) increases its design power and decreases its LCOE. Reducing wind curtailment energy, overall cost, and LCOE are further benefits of increasing the prediction period. However, LCOE, overall expenses, and the number of cases with inadequate energy are all worsened by a lower energy limit.