modeling and techno-economic analysis of a novel trans-critical carbon dioxide energy storage system based on life cycle cost method

Abstract In this paper, a closed-loop energy storage system using carbon dioxide as working fluid with a heat pump to recover the stored compressed heat is investigated. A techno-economic model that aimed at assessing the investment costs and economic performance has been performed by using the life cycle cost method on CO2 utilization of the energy storage system. The opinions on the further promotion and application are proposed by sensitivity analysis of key influencing factors. Results are found that by enlarging the peak-to-off-peak electricity price difference, increasing the annual operating hours and expanding the system unit capacity, it will be beneficial to the economic benefits for this novel energy storage system. Despite the relatively high investment costs compared with AA-CAES system, the proposed system is more competent and may be considered of interest duo to the long life duration and its potential environmental and social values on further CO2 utilization for a circular economy.