In general, the initial cost of an energy storage power station mainly includes the investment cost of the energy storage unit, power conversion unit, and other investment costs such as labor and service costs for initial installation. The specific calculations of these three parts used the formulas in Appendix 2 of literature [ 29 ].
However, no matter how the energy storage power station participates in the electricity market, the IRR of both power stations does not exceed 10%. This means that there is always a risk of loss in the investment of energy storage power stations.
where is the annual revenue of the energy storage participating in the energy market (USD/year); is the average price of electricity in the peak period (USD); is the average price of electricity in the valley period (USD); and represent charge and discharge time, respectively. 3.3.
At present, the investment cost of a pumped storage power station is about 878–937 million USD/GW, which is far higher than that of a battery storage power station, and is closely related to location. For battery energy storage, the initial cost mainly depends on different materials.
Compared with that of electrochemical power stations, although the initial investment of pumped storage power stations is relatively large, the longer operating life lowers the cost of pumped storage stations that are evenly allocated to each year and obtains higher IRR.
Invested by distributed power users, the energy storage power station (ESPS) installed in the power distribution network can solve the operation bottlenecks of the power grid, such as power quality’s fluctuation and overload in local areas.
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