An investigation and multi-criteria optimization of an innovative compressed air energy storage

Compressed air energy storage, a well-known technique for energy storage purposes on a large scale, has recently attracted substantial interest due to the development and long-term viability of smart grids. The current research focus on the design and thorough examination of a compressed air energy storage system utilizing a constant pressure tank. Various aspects, including energy, exergy, economic, and exergoeconomic factors, have been extensively investigated in this study. The goal of the referenced design is to maximize the utilization of air's energy stored in the tank, minimize exergy destruction, enhance production capacity and energy storage density, optimize system performance, and recover waste heat efficiently. Additionally, through the utilization of artificial neural networks and genetic algorithms, this study provides an analysis of optimal operational conditions, taking into account both thermodynamic and economic performance considerations. The referenced system, which stores 209 MWh of excess power from the grid as compressed air and heat throughout off-peak times and utilizes it to produce 137 MWh of electrical power during peak demand periods, demonstrates remarkable performance compared to the conventional storage methods. The findings indicate that the total electrical efficiency, round trip efficiency, and exergy round trip efficiency of the referenced system are equal to 65.63 %, 68.28 %, and 66.01 %, respectively. The total cost of the products of the system is 21.15 $/GJ, while exhibiting a value of 190.4 $/MWh for its levelized cost of electricity. The system's payback period is approximately 5.11 years, and the ultimate profit amounts to around $40 million.