IEEE P2814 Recommended Practice on Techno-economic Metrics for Hybrid Energy and Storage Systems : IEEE P2814 Techno-economic Terminology Working Group

Driven by the global need for decarbonization, low carbon power generators are currently being deployed at a rapid rate. Subsequently, the power grid is posed with high operational risks due to intermittent power generation and uncertain energy demand. Along with demand-side management, energy storage plays a critical role in balancing energy supply with demand. The techno-economic analysis is conducted to compare different technological options to meet an energy problem (e.g., grid support and off-grid energy supply). Several techno-economic analyses have been conducted for low carbon energy technologies; however, different approaches were used and it is difficult to compare the present works of literature. This paper describes the on-going work of IEEE P2814, a current standards project developing recommended practices on techno-economic metrics for hybrid energy and storage systems. This standards project defines techno-economic terminologies used in the development, construction, and operation of renewable energy and electrical energy storage systems. Here, a preliminary techno-economic framework is presented and discussed. Some key aspects that need to be considered in the techno-economic analysis include the timescale of analysis and quantifying carbon emission contribution of the technologies. Future work for the standards project will be described.