MULTI-CRITERIA BENCHMARKING METHOD FOR ENERGY STORAGE TECHNOLOGIES
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Abstract
Economic growth in the renewable energy sector from fluctuating and unstable energy sources can be made more reliable and efficient by integrating with energy storage systems.The main objective of this study was the development of comparable performance analysis tools called the Normalization of Frontier of the Best Method (NFB) to facilitate the decision-making process in choosing the most suitable energy storage technology for application under various restrictions and criteria. The developed NFB method was validated against the rankings of the 2016 Olympics, decathlon and the difference was examined by using the Kendall rank correlation coefficient, it was found that the decathlon's z-value was 5.3528 with a confidence level greater than 99%, the NFB method was used to compare energy storage technologies under 9 efficiency criteria and 3 cost criteria by classifying energy storage technology into 5 groups which were Electrochemical energy storage, Mechanical energy storage, Electrical energy storage, Thermal energy storage and Chemical Energy. The results of each group's ranking to find the best technology in each group were Li-ion, PHES (Pumped hydro energy storage), Supercapacitors, Thermal energy storage and Fuel Cells respectively.
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References
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