Techno-economic analysis of MJ class high temperature Superconducting Magnetic Energy Storage (SMES) systems applied to renewable power grids

High temperature Superconducting Magnetic Energy Storage (SMES) systems can exchange energy with substantial renewable power grids in a small period of time with very high efficiency. Because of this distinctive feature, they store the abundant wind power when the power network is congested and release the energy back to the system when there is no congestion. However, considering the cost and lifespan of SMES systems, there is an urgent demand to conduct a cost-benefit analysis to justify its role in smart grid development. This study explores the application and performs economic analysis of a 5 MJ SMES in a practical renewable power system in China based on the PSCAD/ EMTDC software. An optimal location of SMES in Zhangbei wind farm is presented using real power transmission parameters. The stabilities of the renewable power grid with and without SMES are discussed. In addition, a financial feasibility study is conducted by comparing the cost and the savings from wind power curtailment of deploying SMES and battery. The economic analysis tries to find the balance between SMES investment cost and wind farm operation cost by using real data over a calendar year. The technical analysis can help guide the optimal allocation of SMES for compensating power system instability with substantial wind power. Further, the economic analysis provides a useful indication of its practical application feasibility to fight the balance between cost and benefit.