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    Investment Decision-Making Using Probabilistic Life Cycle Costing – Comparing Flooded Lead-Acid and Lithium Ion Batteries for Power Supply Backup in Substations

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    CIRED 2019 - 1747.pdf (562.9Kb)
    Paper number
    1747
    Conference name
    CIRED 2019
    Conference date
    3-6 June 2019
    Conference location
    Madrid, Spain
    Peer-reviewed
    Yes
    Metadata
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    Authors
    Jürgensen, Jan Henning, KTH Royal Institute of Technology, Sweden
    Majlund, Åsa, KTH Royal Institute of Technology, Sweden
    Gustafsson, Patrik, KTH Royal Institute of Technology, Sweden
    Eiríksson, Eysteinn, KTH Royal Institute of Technology, Sweden
    Hilber, Patrik, KTH Royal Institute of Technology, Sweden
    Abstract
    During a power outage, substations require a power supply back-up in form of batteries to resume the control functionality. Traditionally, Flooded Lead-Acid (FLA) batteries are utilized in substations as power back-up. Even though new battery technologies have emerged, it is still the battery of choice. Lithium-Ion (Li-Ion) batteries have found wide acceptance in other areas but rarely as power back-up in substations. This is due to the high initial investment costs and the lacking experience in operation. In this study, we compare the FLA and Li-Ion batteries with a probabilistic life cycle analysis that considers both the capital costs and operational costs occurring over the whole life cycle. Applying probabilistic models and Monte Carlo simulations, the net present value can be presented as a distribution. The resulting distribution considers the risk and uncertainties in the input parameter and therefore enables a better decision-making. The results of this study shows that the Li-Ion battery has the lower average life cycle costs with a lower uncertainty.
    Publisher
    AIM
    Date
    2019-06-03
    Published in
    • CIRED 2019 Conference
    Permanent link to this record
    https://cired-repository.org/handle/20.500.12455/551
    http://dx.doi.org/10.34890/779
    ISSN
    2032-9644
    ISBN
    978-2-9602415-0-1

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