Exergoeconomic Optimization of Advanced Compressed Air Energy Storage Technology (A-CAES)
Development of energy storage has been identified as one of the most important features of our rapidly evolving energy grids. While the significance of flexibility it provides is well understood, commercialization remains non-trivial. Advanced Compressed Air Energy Storage (A-CAES) is founded on well-known scientific principles that have been combined and applied in a novel way. These innovative systems are complex, each component with its own opportunity for optimization. Two new A-CAES facilities are being built for connection to Ontario and Australian power systems; this proposal will use advanced thermodynamic analyses to determine how each of the A-CAES systems can be operationally optimized. These energy storage systems can perform many different services for energy grids, each often with its own value proposition. In addition to optimizing the engineering performance of these systems, analysis will be undertaken to determine how each system should be operated to maximize profit for these fledgling businesses.