Review Article

Prospects of electricity storage

Vienna University of Technology, Institute of Energy Systems and Electrical Drives, Energy Economics Group, Gußhausstraße 25–29, 1040 Vienna, Austria

^* e-mail: zejneba.topalovic@student.tuwien.ac.at

Received: 21 May 2022
Received in final form: 14 December 2022
Accepted: 15 December 2022

Abstract

With the expansion of renewables in the electricity markets, research on electricity storage economics is needed for a better understanding of the utilization of these systems and for improving the performance of intermittent variable generation. Collected up-to-date research of electricity storage systems published in a wide range of articles with high impact factors gives a comprehensive review of the current studies regarding all relevant parameters for storage utilization in the electricity markets. Valuable research of technical characteristics from the literature is broadened with the electricity storage analyses from an economic point-of-view. Analysis of selected technologies, considering different perspectives such as their profitability, technical maturity, and environmental aspect, is a valuable addition to the previous research on electricity storage systems. Comparing conducted analysis with the selected literature, electricity storage technologies are analyzed concerning their viability in the electricity markets. Given the current outlook of the electricity market, the main problems for storage's wider integration are still energy storage costs. These can be overcome with different applications of energy storage systems, integration of new market players, or a combination of storage technologies along with the implementation of new energy policies for storage.