Optimization Model for Economic Evaluation of Wind Farms - How to Optimize a Wind Energy Project Economically and Technically
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.
Volume (Year): 2 (2012)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.econjournals.com|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Fleten, S.-E. & Maribu, K.M. & Wangensteen, I., 2007.
"Optimal investment strategies in decentralized renewable power generation under uncertainty,"
Elsevier, vol. 32(5), pages 803-815.
- 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.
- Kennedy, Scott, 2005. "Wind power planning: assessing long-term costs and benefits," Energy Policy, Elsevier, vol. 33(13), pages 1661-1675, September.
- Neij, L, 1999. "Cost dynamics of wind power," Energy, Elsevier, vol. 24(5), pages 375-389.
- 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.
- 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.
- 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.
- 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.
- 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.
- Arslan, Oguz, 2010. "Technoeconomic analysis of electricity generation from wind energy in Kutahya, Turkey," Energy, Elsevier, vol. 35(1), pages 120-131.
- Ibenholt, Karin, 2002. "Explaining learning curves for wind power," Energy Policy, Elsevier, vol. 30(13), pages 1181-1189, October.
- 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.
When requesting a correction, please mention this item's handle: RePEc:eco:journ2:2012-01-2. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ilhan Ozturk)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.