Energy Storage Analysis
In collaboration with several other U.S. Department of Energy (DOE) offices, the Hydrogen and Fuel Cell Technologies Office (HFTO) is funding analyses to identify the role of hydrogen in energy storage. Two recently released models include the Hydrogen Energy Storage Evaluation Tool and Storage Financial Analysis Scenario Tool.
Hydrogen Energy Storage Evaluation Tool
The Hydrogen Energy Storage Evaluation Tool (HESET) was developed by Pacific Northwest National Laboratory in 2021 with funding from DOE's HFTO and Office of Electricity. HESET allows users to characterize the total cost and revenue of power-to-gas systems that can access three different revenue streams:
- Energy storage
- Sales of hydrogen into other regional markets (e.g., blending into natural gas pipelines, methanation, and heavy-duty transportation)
- Grid services that the electrolyzer can provide.
The model determines the optimal capacity factor of the electrolyzer given the revenue associated with each of these streams and the cost of the systems being modeled.
Access HESET on Pacific Northwest National Laboratory's website.
Hydrogen energy storage system scope
Storage Financial Analysis Scenario Tool
The Storage Financial Analysis Scenario Tool (StoreFAST) enables techno-economic analysis of energy storage technologies in service of grid-scale energy applications. The model was developed by the National Renewable Energy Laboratory in coordination with many offices across DOE. Key underlying assumptions within StoreFAST, such as technology costs and capacity factors, were based on a robust analysis of long-duration energy storage in a high-renewables grid led by DOE's Strategic Analysis team with co-funding from HFTO and EERE's Solar Energy Technologies Office and Wind Energy Technologies Office.
StoreFAST is pre-populated with costs of 13 different energy storage systems that can easily be modified by a user, and it can simulate up to 15 different systems in parallel. The model outputs a range of financial performance metrics such as investor payback period, net present value, and first-year break-even sales price of electricity. Allowing for full customization of financing details, StoreFAST provides developers with a quick and easy-to-use tool to compare energy storage and flexible generation technologies.
Access StoreFAST on the National Renewable Energy Laboratory's website.