Caleb Waugh

Head of Business Analytics - Energy Storage, Lockheed Martin Energy

PV Solar + Storage Economics and the Road to a Sustainable Future
Thursday 24 May 2018 10:00 – 11:15

Caleb Waugh leads business analytics at Lockheed Martin Advanced Energy Storage where he applies advanced analytics to guide market strategy, business development and product design. As part of his role he oversees the design and implementation of high-fidelity integrated techno-economic models to create new and innovative business opportunities in commercial and industrial, wholesale market and microgrid applications for storage. Key focus areas include renewable integration, distributed asset value stacking optimization and total cost of ownership simulation for Lockheed Martin’s GridStar™ lithium and flow battery systems.

Previously, Caleb held an internal advisory role in Lockheed Martin’s CTO’s office supporting the VP of Technology and Innovation on early-stage energy technology scouting, incubation, and identifying new growth opportunities for the corporation.

Caleb holds dual graduate degrees from the Massachusetts Institute of Technology in Plasma Physics and Energy Economics, Finance and Policy.

Abstract Outline:
Achieving a sustainable future in Australia will require a high penetration of storage-enabled dispatchable renewable resources, which in turn will require meeting increasingly stringent energy storage cost and technology requirements – batteries will need to have longer, multi-hour duration, higher durability, greater reliability, and all at a lower total cost of ownership. What combination of economic and technology performance factors will lead to 100% dispatchable PV solar and storage plants?

As PV solar and energy storage costs continue to come down, the economics of solar and storage plants are becoming increasingly attractive for industrial, microgrid and grid-scale projects. Many recent announcements of grid-scale energy storage projects, with levelized costs of electricity (LCOE) from $0.14/kWh to $0.045/kWh, suggest expanding market opportunities are right around the corner. Despite these advances, many existing PV solar and storage projects only provide a small fraction of storage capacity relative to the size of the PV array making only a limited amount of generation dispatchable on demand.

In this presentation we will discuss the combination of economic and technology performance factors required to achieve highly dispatchable PV solar and storage plants and probe many of the fundamental performance and cost considerations and tradeoffs to examine when considering various storage technology options (e.g. li-ion, flow batteries, etc.). We will also explore the uncertainty and sensitivity of economic and technology performance factors on key economic metrics (e.g. LCOE, total cost of ownership, etc.) in determining which markets and under what scenarios highly dispatchable solar and storage projects will be economically viable.