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Optimization Model for Economic Evaluation of Wind Farms - How to Optimize a Wind Energy Project Economically and Technically

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Author Info

  • Wagner Sousa de Oliveira

    (Department of Economics, Management and Industrial Engineering, University of Aveiro, Portugal)

  • Antonio Jorge Fernandes

    (Department of Economics, Management and Industrial Engineering, University of Aveiro, Portugal)

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    Abstract

    This paper makes a review and systematize methods and techniques of economic evaluation applied to renewable energy projects, specific to wind energy projects. Both project and cost methodologies of economic evaluation are reviewed for a model optimization construction for a proposed optimization model with its objective function most appropriated. It is necessary to engage in different approaches, but complementary, microeconomic project evaluation methods and optimization methods applied to engineering solutions in wind energy converter systems. Optimization model for economic evaluation of wind farms can be as an efficient planning and resource management, which is the key to the success of an energy project. Wind energy is one of the most potent alternative energy resources; however the economics of wind energy is not yet universally favorable to place wind at a competitive platform with coal and natural gas (fossil fuels). Economic evaluation models of wind projects developed would allow investors to better plan their projects, as well as provide valuable insight into the areas that require further development to improve the overall economics of wind energy projects.

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    File URL: http://www.econjournals.com/index.php/ijeep/article/download/90/70
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    File URL: http://www.econjournals.com/index.php/ijeep/article/view/90/70
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    Bibliographic Info

    Article provided by Econjournals in its journal International Journal of Energy Economics and Policy.

    Volume (Year): 2 (2012)
    Issue (Month): 1 ()
    Pages: 10-20

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    Handle: RePEc:eco:journ2:2012-01-2

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    Web page: http://www.econjournals.com

    Related research

    Keywords: Optimization model; Economic evaluation; Wind energy projects; RE projects management;

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    References

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    1. Pan, Haoran & Kohler, Jonathan, 2007. "Technological change in energy systems: Learning curves, logistic curves and input-output coefficients," Ecological Economics, Elsevier, vol. 63(4), pages 749-758, September.
    2. Arslan, Oguz, 2010. "Technoeconomic analysis of electricity generation from wind energy in Kutahya, Turkey," Energy, Elsevier, vol. 35(1), pages 120-131.
    3. Nouni, M.R. & Mullick, S.C. & Kandpal, T.C., 2007. "Techno-economics of small wind electric generator projects for decentralized power supply in India," Energy Policy, Elsevier, vol. 35(4), pages 2491-2506, April.
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    5. Ibenholt, Karin, 2002. "Explaining learning curves for wind power," Energy Policy, Elsevier, vol. 30(13), pages 1181-1189, October.
    6. Neij, L, 1999. "Cost dynamics of wind power," Energy, Elsevier, vol. 24(5), pages 375-389.
    7. Fleten, Stein-Erik & Maribu, Karl Magnus & Wangensteen, Ivar, 2005. "Optimal investment strategies in decentralized renewable power generation under uncertainty," MPRA Paper 218, University Library of Munich, Germany, revised Jun 2006.
    8. Gökçek, Murat & Genç, Mustafa Serdar, 2009. "Evaluation of electricity generation and energy cost of wind energy conversion systems (WECSs) in Central Turkey," Applied Energy, Elsevier, vol. 86(12), pages 2731-2739, December.
    9. Kennedy, Scott, 2005. "Wind power planning: assessing long-term costs and benefits," Energy Policy, Elsevier, vol. 33(13), pages 1661-1675, September.
    10. Neij, Lena, 2008. "Cost development of future technologies for power generation--A study based on experience curves and complementary bottom-up assessments," Energy Policy, Elsevier, vol. 36(6), pages 2200-2211, June.
    11. El-Kordy, M.N & Badr, M.A & Abed, K.A & Ibrahim, Said M.A, 2002. "Economical evaluation of electricity generation considering externalities," Renewable Energy, Elsevier, vol. 25(2), pages 317-328.
    12. Kobos, Peter H. & Erickson, Jon D. & Drennen, Thomas E., 2006. "Technological learning and renewable energy costs: implications for US renewable energy policy," Energy Policy, Elsevier, vol. 34(13), pages 1645-1658, September.
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