Adiabatic Compressed Air Energy Storage Research Articles

Thermodynamic and economic analyses of a modified adiabatic compressed air energy storage system coupling with thermal power generation

With the proposal of "Carbon peaking and carbon neutrality", Adiabatic Compressed Air Energy Storage (A-CAES) has emerged as a significant component within China's energy storage infrastructure. But its thermodynamic efficiency and economical return need yet to be raised. The present paper proposed a modified system coupling with thermal power plant to utilize the excess compression heat. Utilizing advanced transient modeling software, an A-CAES plant is modeled and validated. The operation performance of the coupled system is compared with non-coupled system, which shows that the system efficiency is raised from 54.8 % to 76.7 % and the investment return rate is improved from 9.18 % to 10.43 %.

Effect of geothermal heat transfer on performance of the adiabatic compressed air energy storage systems with the salt cavern gas storage

The temperature and pressure of compressed air influence the output performance of the adiabatic compressed air energy storage system with salt cavern gas storage. However, current studies often overlook the impact of geothermal heat transfer on system performance. In this paper, a mathematical model of the energy storage system with salt cavern gas storage is developed, considering the geothermal heat transfer in wellbore and salt carven. The model is used to illustrate the effects of geothermal heat transfer on the system performance through a sensitivity analysis of some key parameters. The results show that geothermal heat transfer will significantly reduce the gas and energy storage capacity, with a maximum reduction of 15.3 % and 11.1 % at a depth of 2000 m, respectively. Furthermore, this reduction would increase with the depth of the salt cavern. The geothermal energy reduces the round-trip efficiency from 68.7 % to 66.26 % and the energy storage density from 5.18 kWh·m−3 to 4.32 kWh·m−3. For common salt cavern gas storage at a depth of about 600 m ∼ 1200 m, the negative impacts of geothermal heat transfer on round-trip efficiency and energy storage density are less than 2.2 % and 0.5 kWh·m−3, respectively. Sensitivity analysis also demonstrates that the primary factors influencing the system’s performance are the thermal conductivity of the surrounding rock, the volume of the salt cavern, and the length of the wellbores. The secondary factors include the heat transfer coefficient on the inner wall of the salt cavern, the inner pipe radius, and the roughness of the inner pipe. Irrelevant factors include the thermal conductivity of the protective fluid and the thermal conductivity of the cement layer. The proposed comprehensive mathematical model of the system and simulation findings aid in forecasting the performance of storage systems and offer theoretical guidance for the design of large-scale compressed air energy storage systems.

How pressure affects costs of power conversion machinery in compressed air energy storage; Part I: Compressors and expanders

This study addresses a critical economic aspect in compressed air energy storage that has not been discussed much in existing literature: the impact of operating pressure on machinery capital cots. It aims to answer whether the cost per unit of power for power conversion systems changes with the maximum storage pressure. Considering that higher storage pressures are associated with greater energy density, enhanced energy storage capabilities and improved system efficiency. This paper helps clarify uncertainties in initial cost estimations for power-generation plants. Effects of operating pressure on the components and overall sizes and consequently costs of power conversion machinery are individually investigated in two parts. Part I encompasses the compressor and expanders, and part II comprehensively discusses the effects of the operating pressure on the costs of heat exchangers. The analysis employs a conceptual engineering approach, revealing that higher intake pressure reduces overall compressor/expander size, leading to cost savings. Additionally, increasing the number of compression stages for higher storage pressures enhances exergy storage cost-effectiveness. To establish an advanced adiabatic CAES plant with a storage pressure of 200 bar instead of 50 bar, there is potential for a 6 % reduction in $/kW expenditure.

Solution for Post-Mining Sites: Thermo-Economic Analysis of a Large-Scale Integrated Energy Storage System

The intensive development of renewable energy sources and the decreasing efficiency of conventional energy sources are reducing the flexibility of the electric power system. It becomes necessary to develop energy storage systems that allow reducing the differences between generation and energy demand. This article presents a multivariant analysis of an adiabatic compressed air energy storage system. The system uses a post-mining shaft as a reservoir of compressed air and also as a location for the development of a heat storage tank. Consideration was given to the length of the discharge stage, which directly affects the capital expenditure and operating schedule of the system. The basis for the analyses was the in-house numerical model, which takes into account the variability of air parameters during system operation. The numerical model also includes calculations of Thermal Energy Storage’s transient performance. The energy efficiency of the system operating on a daily cycle varies from 67.9% to 70.3%. Various mechanisms for economic support of energy storage systems were analyzed. The levelized cost of storage varies, depending on the variant, from 75.86 EUR/MWh for the most favorable case to 223.24 EUR/MWh for the least favorable case.

Investigation and improvement of complex characteristics of packed bed thermal energy storage (PBTES) in adiabatic compressed air energy storage (A-CAES) systems

With the application of large-scale renewable energy, power grids have put forward explicit demands for energy storage. Among the various forms of energy storage systems, the adiabatic compressed air energy storage (A-CAES) system has received more attention due to its environmental friendliness and adaptability. As a key link in the regenerative A-CAES, thermal energy storage (TES) has an important impact on the efficiency of the system. Among various forms of TES, PBTES has better economy and adaptability. However, there is insufficient research on the impact of PBTES structure on A-CAES systems. Therefore, a dimensionless governing equation for the PBTES is proposed to study the depth effect of the PBTES structure. Through comparing with the pilot-scale and industrial-scale PBTES experimental data, the maximum error of the model is 2.3%, which proves that the model has good accuracy in the simulation of different scales of PBTES. The result of research shows that: the improved thickness of the structural layer is between 0.1 m and 0.15 m. The increase in the number of cycles of the A-CAES system results in a gradual increase in system efficiency. For the A-CAES system, the round-trip efficiency is improved by 4.1%, reaching 64%, with the improvement of the wall, volume ratio, and height-to-diameter ratio of PBTES.

WITHDRAWN: A Critical Review on Compressed Air Energy Storage in Underground Geological Media: Advances and Future Outlook

Renewable energy sources such as wind, tidal, and solar power have emerged as the major clean energy sources globally to reduce or replace fossil fuel use to mitigate global climate change. Nevertheless, renewable sources exhibit sporadic and unstable characteristics, leading to significant challenges in grid integration and power fluctuations. Consequently, these difficulties might disrupt the overall stability of the grid. In instances of this nature, the significance of energy storage technologies becomes paramount, prompting researchers to redirect their focus towards identifying effective methods of energy storage that may optimize consumption to its fullest extent. Compressed air energy storage (CAES) is widely regarded as a vital technical solution for addressing the disparities between the generation of clean power and the corresponding demand for electricity because other storage technologies have high costs and limited feasibility in the context of renewable sources. This paper reviewed critically the CAES recent progress focused on developments of experimental works, modelling and simulations, and field applications of the CAES technology. It has been revealed that CAES in underground geological media (UGM) such as caverns and aquifers have great potential to store these energy sources and release them during high energy demand period. Despite the continuous research in CAES in UGM, particularly experiments, modelling and simulations, there are recently few new reported Adiabatic CAES in China and Canada full field applications apart from Huntorf and McIntosh. Further, it was found that super compressibility carbon dioxide (CO2) can be used as cushion gas during CAES because it increases the discharging pressure than charging pressure which led to production rate to increase four times than injection rate. Also, recommended policies in this paper may encourage the development and deployment of CAES technology as part of a sustainable and reliable energy system. Furthermore, identified challenges in this paper must be addressed and centred on enhancing CAES technology, monitoring systems, and materials to improve the technology's efficiency, cost-effectiveness, and environmental sustainability. The identified research gaps in this paper will pave the way for stake holders, academia, and researchers to conduct more research in CAES in underground geological media towards full field application on a global scale as a clean source of energy to combat global climatic change in future and supply energy during high demand period.

Adiabatic Compressed Air Energy Storage system performance with application-oriented designed axial-flow compressor

Medium and long-duration energy storage systems are expected to play a critical role in the transition towards electrical grids powered by renewable energy sources. ACAES is a promising solution, capable of handling power and energy ratings over hundreds of MW and MWh, respectively. One challenge with ACAES is achieving the required highly efficient operation in the compressor over the range of conditions encountered in the system as the pressure in the air store changes. In this paper, an application-oriented axial-flow compressor is designed, aiming towards efficient operation throughout the operation range, whilst also associating the performance prediction to a practical compressor geometry. A two-step design methodology based on inviscid, axisymmetric flow conditions has been implemented, leading to the flowtrack, blade-row geometries and the compressor performance map. The compressor model is integrated into an ACAES model, including two compression spools, two expansion stages with preheat, a constant volume high pressure storage operating between 5.5 and 7.7 MPa and two separate Thermal Energy Storage units. While the existing ACAES literature either ignores the transient off-design operation or uses generic numerical correlations (which are not associated to a particular geometry), the key novelty of this paper is the application of a detailed design method for turbomachinery to ACAES. The results indicate that the designed compressor requires 33 stages over the two spools, and is able to operate efficiently over the storage pressure range, showing that if the application-oriented design procedure is applied to the compressor, it does not stop ACAES reaching 70% round-trip efficiency, outputting 35MW for approximately 15 h. Importantly, the specific ACAES requirement of conserving heat at higher temperatures has been fulfilled by decreasing the number of intercoolers. Finally, it is recommended that a similar level of scrutiny is applied to the other components (i.e. expanders, heat exchangers and TES units), keeping in mind the unique set of operational requirements of ACAES. This work is an important step towards removing the common misconception that off-the-shelf components can be easily be used in typical ACAES designs.

Research on compressed air energy storage systems using cascade phase-change technology for matching fluctuating wind power generation

The wind speed varies randomly over a wide range, causing the output wind power to fluctuate in large amplitude. An isobaric adiabatic compressed air energy storage system using a cascade of phase-change materials (CPCM-IA-CAES) is proposed to cope with the problem of large fluctuations in wind farm output power. When the input power is lower than the minimum energy storage power of the compressor, the gradient phase-change thermal energy storage is utilized to broaden the operating range of the system. Second, the system design method and operation rules are elaborated. The storage/release characteristic curve is obtained by constructing the system components and the overall variable operating condition model. A matching system scheme is designed according to the characteristics of a wind farm in a port in China. The case study shows that the wind farm configured with the CPCM-IA-CAES system reduces the wind abandonment rate by 5.7%, recovers 4,644.46 kW h of wind power abandonment, and improves the storage power index by 16.67% compared with that of IA-CAES. Meanwhile, the system efficiency is increased from 65.96% to 74.68%, and the energy storage density is increased from 8.69 to 9.89 kW h m−3.

Prospects of Hydrogen Application as a Fuel for Large-Scale Compressed-Air Energy Storages

A promising method of energy storage is the combination of hydrogen and compressed-air energy storage (CAES) systems. CAES systems are divided into diabatic, adiabatic, and isothermal cycles. In the diabatic cycle, thermal energy after air compression is discharged into the environment, and the scheme implies the use of organic fuel. Taking into account the prospects of the decarbonization of the energy industry, it is advisable to replace natural gas in the diabatic CAES scheme with hydrogen obtained by electrolysis using power-to-gas technology. In this article, the SENECA-1A project is considered as a high-power hybrid unit, using hydrogen instead of natural gas. The results show that while keeping the 214 MW turbines powered, the transition to hydrogen reduces carbon dioxide emissions from 8.8 to 0.0 kg/s, while the formation of water vapor will increase from 17.6 to 27.4 kg/s. It is shown that the adiabatic CAES SENECA-1A mode, compared to the diabatic, has 0.0 carbon dioxide and water vapor emission with relatively higher efficiency (71.5 vs. 62.1%). At the same time, the main advantage of the diabatic CAES is the possibility to produce more power in the turbine block (214 vs. 131.6 MW), having fewer capital costs. Thus, choosing the technology is a subject of complex technical, economic, and ecological study.

Advanced exergo-economic analysis of an advanced adiabatic compressed air energy storage system with the modified productive structure analysis method and multi-objective optimization study

In this study, conventional and advanced exergy/exergo economic analyses of an advanced adiabatic compressed air energy storage system (AA-CAES) system with a power output of 6 MW were performed. In addition, sensitivity analysis and multi-objective optimization study of the proposed system were also carried out. For the first time in the literature, advanced exergo-economic analysis was applied to the AA-CAES system with the Modified Productive Structure Analysis (MOPSA) method, and a new parameter was introduced as a performance criterion for this method. As a result of the study, the system's exergy efficiencies were found to be 54.51 % and 77 %, respectively, according to the conventional and advanced exergy analyses of the system. According to the conventional exergy analysis, the first three system components that should be given priority are the wind turbine (WT), the regulator (REG), and the heat exchangers-3 (HE-3), respectively. According to the advanced exergy analysis, this order changes as WT, the compressor-1 (C-1), and the compressor-2 (C-2). 40 % of the system's exergy destruction and exergy destruction cost rates are avoidable endogenous. This value shows the improvement potential of the system. As a result of the multi-objective optimization study, the modified exergy efficiency was found to be 94.58 %. The average unit product-exergy destruction cost was 59.51 $/GJ; these values were 22.83 % and 1.6 % improvement, respectively, compared to the base case.

Theoretical analysis of cavern-related exergy losses for compressed air energy storage systems

The paper presents a thermodynamic analysis of the exergetic losses occurring due to pressure and temperature variations within constant-volume compressed air caverns. Direct cavern losses are due to mixing and irreversible heat transfer, and may also include an exit loss as a result of unusable thermal exergy in the discharge air. Additional cavern-related losses may occur in other system components, including compressors (due to off-design operation), throttles and thermal stores. These indirect losses are also discussed and analysed for a simplified but representative adiabatic compressed air energy storage system. The overall aim is to determine trends in the various loss components with operating parameters (chiefly the minimum and maximum cavern pressures) and other thermal parameters. A comparison between isobaric and isochoric storage is also made and reveals the trends of efficiency vs. storage density for these two modes of storage.

Adiabatic compressed air energy storage system combined with solid-oxide electrolysis cells

Green hydrogen from electrolysis using renewable energy is becoming increasingly important and competitive because of the rapid decrease in the price of electricity from solar photovoltaic (PV) and wind power. Electrical energy storage (EES) can reduce the installation capacity of electrolyzers owing to their steady and continuous operation. Adiabatic compressed air energy storage (A-CAES) systems can be effectively combined with large scale solid-oxide electrolysis cells (SOEC) for low-cost production of hydrogen. Although the round-trip efficiency of the power-only A-CAES (70–75%) is lower than that of batteries (90%), the A-CAES system can be used as a combined cooling, heat and power (CCHP) system, providing heat and power to SOEC in order to maximize the energy efficiency of the system. This paper presents a parametric study of an A-CAES system combined with an SOEC system in terms of the energy and exergy analyses. The results show that a medium-temperature trigeneration CCHP A-CAES system in combination with a SOEC system with a compression power of 100 MWh can provide 47.8 MWh of electric power and 63.5 MWh of heat to the SOEC system as well as 9.9 MWh of cold energy from the cold outlet air of the A-CAES.

Optimal planning of electricity-gas coupled coordination hub considering large-scale energy storage

Large-scale long-duration energy storage (LDES), like compressed air energy storage (CAES) and liquid air energy storage (LAES), is promising for high-penetration renewable energy consumption in the city-scale integrated energy system (IES). Due to high installation costs and challenges in decentralized control of distributed energy storage, this paper proposes an optimal planning model for an urban electricity-gas coordination hub (UEGCH) with centralized energy storage using large-scale LDES. Firstly, the UEGCH with energy cascade utilization is designed, where process-based linearized models of advanced adiabatic compressed air energy storage (AACAES) and LAES are established to make a trade-off between solving accuracy and speed. Then, a city-scale integrated electricity and gas system (IEGS) is constructed with multiple regions considering line-packing. Finally, a multi-scenario planning method is proposed based on X-means for scenario reduction, and the global optimum is obtained through linearization. Results show that compared with traditional gas storage tank (GST) in the UEGCH, the utilization of AACAES and LAES requires as little as 7 % and 0.7 % of the construction volume with lower carbon emissions and can be cost-competitive in terms of future advancement. As for different EESs, in contrast to the energy-based energy storage (EBES) (i.e., battery (BT)), the levelized cost of energy (LCOE) of the capacity-based energy storage (CBES), which includes AACAES and LAES, can be reduced by nearly 0.1 $/kWh, bringing an annual economic benefit of $ 3 million. Besides, the discharge duration of CBES can be increased to 13 h, demonstrating the application prospect in 100 % renewable consumption and islanding operation. Compared with AACAES, LAES can reach 11.67 times the energy density, with a drop of 6.11 % in operating cost. The abilities of EBES and CBES to locally consume renewables are respectively weaker and stronger than that of power-to-gas (P2G) combined with line-packing. Meanwhile, this paper further analyzes the impacts of temperature, discharge duration, renewable penetration, energy tariff, and demand on the operation and sizing of centralized energy storage.

Optimizing near-adiabatic compressed air energy storage (NA-CAES) systems: Sizing and design considerations

This paper studies the challenges of designing and operating adiabatic compressed air energy storage (A-CAES) systems, identifies core causes for the reported discrepancies between round-trip efficiencies from current literature models versus experiments, and presents a near-adiabatic CAES (NA-CAES) system design that addresses these issues. The core causes are overly simplified heat management modeling, neglect of heat losses in the thermal energy reservoir, single-cycle modeling, replacing a diabatic CAES combustor with a TES without other major design changes, using a mirrored compression-expansion design, and/or efficiency definition limitations.To demonstrate an approach to designing an NA-CAES system that addresses the core causes of modeling vs. experiment efficiency discrepancies, a case study is presented for Ontario, Canada. This full system view approach yielded NA-CAES systems with maximum round-trip efficiencies of 60.5, 61.1, and 61.5% for a constant reservoir volume throttled system, a constant reservoir volume variable pressure system, and a constant pressure reservoir system, respectively.A sensitivity analysis was conducted to identify primary with a strong influence on efficiency (such as reservoir pressure limits and the expanders’ pressure ratio), and secondary parameters that more strongly affect TES size (including TES charging and discharging mass flow rates, inlet temperatures to the expanders, and TES tank temperatures). Multi-objective hierarchical optimization was employed to improve efficiency while reducing TES capacity. In brief, the results reveal that through design configuration selection it should still be possible to achieve in practice high NA-CAES efficiencies in excess of 60%.

The role of energy storage in Great Britain's future power system: focus on hydrogen and biomass

The increasing deployment of variable renewable energy (VRE) in the power sector, such as wind and solar photovoltaic, is expected to reduce emissions. However, VRE poses challenges due to their intermittency and variability. The Future Renewable Energy Performance into the Power System Model (FEPPS) is used to analyse VRE penetration in Great Britain's (GB) power system, resulting in VRE shares of around 65%, far from over 80% forecasted by 2030 and 2040 due to flexibility and stability constraints. The incorporation of new power generation and energy storage technologies is also analysed, including the role of biomass and hydrogen as low-carbon fuel options. Hydrogen is assumed to be produced from the curtailment of VRE and biomass. Between 6.57 and 283 Mt. of biomass would be required to balance bio‑hydrogen requirements by 2040; therefore, hydrogen production would depend on technology prioritisation. Power generation from hydrogen technologies (fuel cells and turbines) has a significant role in power system decarbonisation, with hydrogen turbines meeting up to ∼10% of annual electricity demand. In contrast, generation from batteries, adiabatic compressed air energy storage and natural gas turbines is not significant. Moreover, between 7.7 and 9.7 TWh of hydrogen storage would be needed, and there is substantial potential for salt cavern storage in GB, providing many 100s TWh. Finally, incorporating new generation and storage technologies relies on levelized cost of electricity (LCOE) reductions of 31% and 13% by 2030 and 2040, respectively, to keep the power sector on track towards decarbonisation.

Multi-factor analysis and optimization design of a cascaded packed-bed thermal storage system coupled with adiabatic compressed air energy storage

In an adiabatic compressed air energy storage (A-CAES), one of the key components is the heat storage system, in which the packed bed filled with encapsulated phase-change capsules has been widely investigated because of its excellent thermal performance. In this paper, a packed-bed thermal energy storage model with three layers of phase change materials (PCM) is proposed in the context of an A-CAES. Four factors primarily affecting the thermal performance of the packed bed thermal storage system, namely the mass flow rate of heat transfer fluid (HTF), the inlet temperature of HTF, the cascade situation of PCM, and the arrangement of particle sizes, are critically analyzed by conducing the orthogonal experiments. On this basis, the machine learning method is applied to predict and optimize the thermal performance of the packed bed aiming to find the optimal results. The comparison of results between the optimized and original models expressively shows a reduction of 8.46% in PCM mass, an increase of 92.18%/116.82% in the overall heat storage/release quantity, and an increase of 19.23% in the overall efficiency. This work outlooks a guideline for the potential application of packed bed in A-CAES.

Optimal design and performance assessment of a proposed constant power operation mode for the constant volume discharging process of advanced adiabatic compressed air energy storage

A power operation mode of constant volume discharging process for advanced adiabatic compressed air energy storage (AA-CAES), called compensation mode (C mode), is proposed. The dynamic model of the proposed C mode discharging process is established based on the conservations of mass, momentum, and energy. The reliabilities of compressor, air tank, and air turbine are verified separately. The optimal design is carried out to reduce the power consumed by the compressor. The optimal design pressure ratio and reduced flow rate are 2.48 and 9.292 × 10−5 m·s·K0.5, respectively. This finding proves that the proposed dynamic model obeys the first and second laws of thermodynamics. The exergy distribution of the entire discharging process is studied. Results show that the two largest exergy losses occur in MT and MR. The performance of the proposed C mode is compared with that of the two other operation modes. The proposed C mode enhances the energy storage efficiency of the AA-CAES system by 14.71 %. This study provides a relatively efficient and feasible technical solution for the constant power operation of AA-CAES.

Optimal Dispatch of Integrated Energy Systems Considering Advanced Adiabatic Compressed Air Energy Storage with a High Percentage of Fluctuating Energy Consumption

Aiming at the integrated energy system (IES) of the region with a multi-energy coupling of cold, heat, and power (CHP), this research establishes the IES model with the advanced adiabatic compressed air energy storage (AA-CAES) as the energy hub. Further, to increasingly improve the system’s consumption ratio of fluctuating energy sources such as wind power, this paper designs the AA-CAES wide operating condition operation scheme based on the compressor adjustable inlet guide vanes (VIGVs) regulation technology. Finally, it is validated with a real application Case. Simulation results indicate that the operating costs of the newly modeled IES can be decreased by 20% compared to a regular integrated energy system, which demonstrates the effectiveness of AA-CAES-wide operating conditions in promoting the economic operation of integrated energy systems (IES).

Optimal planning and configuration of adiabatic-compressed air energy storage for urban buildings application: Techno-economic and environmental assessment

As urbanization and demand for energy increase, the importance of localized renewable energy resources and energy storage system solutions becomes more prominent. Adiabatic-compressed air energy storage (A-CAES) has been identified as a promising option, but its effectiveness in decentralized applications is not widely concerned. This study aims to plan and design a decentralized A-CAES system to enhance its significance within urban building infrastructure. The focus is on the optimal design of a decentralized A-CAES system for urban building utilization through a comprehensive analysis of its thermodynamic, techno-economic, and environmental aspects. A sizing-designing approach inducing simulation and optimization is proposed to customize the A-CAES system according to the specific application requirement. To do so, this study investigates several energy management operation strategies (EMOS) toward different potential applications of decentralized A-CAES to maximize the system's value and adaptability during the project's lifetime. Multiple scenarios concerning managing solar PV-surplus power are proposed to investigate the overall performance of the proposed model. Additionally, a sensitivity analysis (post-optimization) is conducted to ensure the model's applicability across different case studies. The results demonstrate that an energy cost saving in the range of 0.015–0.021 $/kWh is achieved for the optimal hybrid system in which the A-CAES system is planned for solar photovoltaic (PV) integration and seasonal load shifting, leading to shaving the grid peak demand. Adopting such an A-CAES-PV hybrid system allows for achieving a 52 % electrical load management ratio and 65 % carbon emission reduction compared to the primary power system (grid). Furthermore, under the worst-case scenario (zero selling back), such an optimal hybrid energy system (HES) achieves a PV self-consumption rate of around 92 % and a payback time of 15.5 years. This analysis provides useful insights for policymakers, building owners, and energy planners interested in implementing sustainable and energy-efficient solutions, especially in the feasibility study phase.

Energy, exergy and economic (3E) analysis and multi-objective optimization of a combined cycle power system integrating compressed air energy storage and high-temperature thermal energy storage

Traditional adiabatic compressed air energy storage system has a low turbine efficiency and a low power output due to the low turbine inlet temperature and high turbine outlet temperature without heat recovery. To address these issues, a combined cycle power system integrating compressed air energy storage and high-temperature thermal energy storage is proposed in this paper. The thermodynamic and economic models of the proposed system are developed considering the thermodynamic laws and life cycle assessment, respectively. The energy, exergy, economic (3E) analysis of the system are performed based on the models. The results show that under the design condition, the round-trip efficiency, exergy efficiency, energy storage density, levelized cost of energy and dynamic payback period of the system can reach 59.22 %, 62.12 %, 5.77 kWh/m3, 0.1186 $/kWh and 6.51 years, respectively. The sensitivity analysis shows that the maximum air storage pressure, minimum air storage pressure and outlet temperature of high temperature thermal energy storage system are the critical parameters impacting the system performance. Finally, the multi-objective optimization of the proposed system is carried out. The aforementioned three parameters are selected as the decision variables and the round-trip efficiency and levelized cost of energy are chosen as the objective functions. Compared with the pre-optimization system, the round-trip efficiency, exergy efficiency, and energy storage density of the system increase by 0.47 %, 0.43 %, and 1.33 kWh/m3, respectively, while the levelized cost of energy and dynamic payback period decrease by 0.0051 $/kWh and 1.55 years, respectively.