Yes, several new technologies and innovative approaches are being developed to reduce the costs of pumped hydroelectric energy storage (PSH):
1. Construction and excavation innovations
- Use of roadheaders and oscillating disc machines can lower the costs and speed up the excavation of tunnels and powerhouses for new PSH projects.
- Modular construction methods employing standardized prefabricated concrete or steel modules for reservoirs are being proposed to reduce construction expenses and timelines.
2. Hybrid project integration
- Combining PSH with renewable energy plants like wind and solar, or multipurpose facilities such as water desalination plants, can decrease overall costs by sharing infrastructure instead of building separate facilities.
3. Adjustable-speed generator technology
- New PSH projects are adopting adjustable-speed generators, which offer better operational flexibility but currently cost more than fixed-speed types due to additional power electronics. As power electronics costs decline, adjustable-speed technology is expected to become more affordable, narrowing the cost gap with fixed-speed systems.
4. Long-term cost reduction trends and targets
- According to the U.S. Department of Energy, efforts like the Earthshot initiative aim for a 90% reduction in the cost of long-duration energy storage, including PSH, by 2030. Current annual rate of cost reduction for PSH is about 0.6% through 2035 with potential for improvement through these innovations.
- The target levelized cost of storage (LCOS) is around $0.05/kWh, which is challenging but potentially achievable in the next decade with these technology advances.
In summary, cost reduction in pumped hydro storage is expected mainly through construction innovations, hybrid facility design, declining power electronics prices, and integration with renewable generation, supported by government initiatives targeting breakthrough cost goals.
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