IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v46y2012icp289-296.html
   My bibliography  Save this article

Impact of wind speed variations on wind farm economy in the open market conditions

Author

Listed:
  • Đurišić, Željko
  • Mikulović, Jovan
  • Babić, Iva

Abstract

Stimulating measures for the production of electrical energy from renewable energy sources (RES) are guaranteed over certain period of operation. Their aim is that the wind power plants (WPP) and other RES are brought to a concurrent position with the conventional power plants at the open market of electrical energy. In perspective, power market conditions should be made equal for all electricity producers. In such conditions, the economy aspects of a WPP are affected not only by the amount of produced electricity but also by the daily and yearly production profiles. The paper defines correlation indices between the price profile of electricity at the open market and seasonal and daily profiles of WPP production. These indices could serve as a quantitative measure of the influence of the seasonal and daily profiles of wind speed on the economy of the project of a WPP.

Suggested Citation

  • Đurišić, Željko & Mikulović, Jovan & Babić, Iva, 2012. "Impact of wind speed variations on wind farm economy in the open market conditions," Renewable Energy, Elsevier, vol. 46(C), pages 289-296.
    • Handle: RePEc:eee:renene:v:46:y:2012:i:c:p:289-296
    DOI: 10.1016/j.renene.2012.03.015
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148112002029
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.renene.2012.03.015?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Viehmann, Johannes, 2011. "Risk premiums in the German day-ahead Electricity Market," Energy Policy, Elsevier, vol. 39(1), pages 386-394, January.
    2. Schlueter, Stephan, 2010. "A long-term/short-term model for daily electricity prices with dynamic volatility," Energy Economics, Elsevier, vol. 32(5), pages 1074-1081, September.
    3. Michalak, Piotr & Zimny, Jacek, 2011. "Wind energy development in the world, Europe and Poland from 1995 to 2009; current status and future perspectives," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(5), pages 2330-2341, June.
    4. Owen, Anthony D., 2006. "Renewable energy: Externality costs as market barriers," Energy Policy, Elsevier, vol. 34(5), pages 632-642, March.
    5. Couture, Toby & Gagnon, Yves, 2010. "An analysis of feed-in tariff remuneration models: Implications for renewable energy investment," Energy Policy, Elsevier, vol. 38(2), pages 955-965, February.
    6. Gualtieri, Giovanni & Secci, Sauro, 2011. "Wind shear coefficients, roughness length and energy yield over coastal locations in Southern Italy," Renewable Energy, Elsevier, vol. 36(3), pages 1081-1094.
    7. Lackner, Matthew A. & Rogers, Anthony L. & Manwell, James F. & McGowan, Jon G., 2010. "A new method for improved hub height mean wind speed estimates using short-term hub height data," Renewable Energy, Elsevier, vol. 35(10), pages 2340-2347.
    8. Chao, Hung-po, 2011. "Efficient pricing and investment in electricity markets with intermittent resources," Energy Policy, Elsevier, vol. 39(7), pages 3945-3953, July.
    9. Saidur, R. & Islam, M.R. & Rahim, N.A. & Solangi, K.H., 2010. "A review on global wind energy policy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(7), pages 1744-1762, September.
    10. Falbo, Paolo & Fattore, Marco & Stefani, Silvana, 2010. "A new index for electricity spot markets," Energy Policy, Elsevier, vol. 38(6), pages 2739-2750, June.
    11. Crawford, R.H., 2009. "Life cycle energy and greenhouse emissions analysis of wind turbines and the effect of size on energy yield," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(9), pages 2653-2660, December.
    12. Woo, C.K. & Horowitz, I. & Moore, J. & Pacheco, A., 2011. "The impact of wind generation on the electricity spot-market price level and variance: The Texas experience," Energy Policy, Elsevier, vol. 39(7), pages 3939-3944, July.
    13. Cutler, Nicholas J. & Boerema, Nicholas D. & MacGill, Iain F. & Outhred, Hugh R., 2011. "High penetration wind generation impacts on spot prices in the Australian national electricity market," Energy Policy, Elsevier, vol. 39(10), pages 5939-5949, October.
    14. Madlener, Reinhard & Stagl, Sigrid, 2005. "Sustainability-guided promotion of renewable electricity generation," Ecological Economics, Elsevier, vol. 53(2), pages 147-167, April.
    15. Dahmouni, A.W. & Ben Salah, M. & Askri, F. & Kerkeni, C. & Ben Nasrallah, S., 2011. "Assessment of wind energy potential and optimal electricity generation in Borj-Cedria, Tunisia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(1), pages 815-820, January.
    16. Foley, Aoife M. & Leahy, Paul G. & Marvuglia, Antonino & McKeogh, Eamon J., 2012. "Current methods and advances in forecasting of wind power generation," Renewable Energy, Elsevier, vol. 37(1), pages 1-8.
    17. Ciarreta, Aitor & Gutiérrez-Hita, Carlos & Nasirov, Shahriyar, 2011. "Renewable energy sources in the Spanish electricity market: Instruments and effects," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(5), pages 2510-2519, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zafirakis, Dimitrios & Chalvatzis, Konstantinos J. & Baiocchi, Giovanni & Daskalakis, George, 2013. "Modeling of financial incentives for investments in energy storage systems that promote the large-scale integration of wind energy," Applied Energy, Elsevier, vol. 105(C), pages 138-154.
    2. Nasiri, M. & Milimonfared, J. & Fathi, S.H., 2015. "A review of low-voltage ride-through enhancement methods for permanent magnet synchronous generator based wind turbines," Renewable and Sustainable Energy Reviews, Elsevier, vol. 47(C), pages 399-415.
    3. Belabes, B. & Youcefi, A. & Guerri, O. & Djamai, M. & Kaabeche, A., 2015. "Evaluation of wind energy potential and estimation of cost using wind energy turbines for electricity generation in north of Algeria," Renewable and Sustainable Energy Reviews, Elsevier, vol. 51(C), pages 1245-1255.
    4. Howlader, Abdul Motin & Urasaki, Naomitsu & Yona, Atsushi & Senjyu, Tomonobu & Saber, Ahmed Yousuf, 2013. "A review of output power smoothing methods for wind energy conversion systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 26(C), pages 135-146.
    5. Elberg, Christina & Hagspiel, Simeon, 2013. "Spatial Dependencies of Wind Power and Interrelations with Spot Price Dynamics," EWI Working Papers 2013-11, Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI).
    6. Joselin Herbert, G.M. & Iniyan, S. & Amutha, D., 2014. "A review of technical issues on the development of wind farms," Renewable and Sustainable Energy Reviews, Elsevier, vol. 32(C), pages 619-641.
    7. Jenny Winkler & Rouven Emmerich & Mario Ragwitz & Benjamin Pfluger & Christian Senft, 2017. "Beyond the day-ahead market – effects of revenue maximisation of the marketing of renewables on electricity markets," Energy & Environment, , vol. 28(1-2), pages 110-144, March.
    8. Csereklyei, Zsuzsanna & Qu, Songze & Ancev, Tihomir, 2019. "The effect of wind and solar power generation on wholesale electricity prices in Australia," Energy Policy, Elsevier, vol. 131(C), pages 358-369.
    9. Elberg, Christina & Hagspiel, Simeon, 2015. "Spatial dependencies of wind power and interrelations with spot price dynamics," European Journal of Operational Research, Elsevier, vol. 241(1), pages 260-272.
    10. Würzburg, Klaas & Labandeira, Xavier & Linares, Pedro, 2013. "Renewable generation and electricity prices: Taking stock and new evidence for Germany and Austria," Energy Economics, Elsevier, vol. 40(S1), pages 159-171.
    11. Reinhard Madlener & Weiyu Gao & Ilja Neustadt & Peter Zweifel, 2008. "Promoting renewable electricity generation in imperfect markets: price vs. quantity policies," SOI - Working Papers 0809, Socioeconomic Institute - University of Zurich.
    12. Rubin, Ofir D. & Babcock, Bruce A., 2013. "The impact of expansion of wind power capacity and pricing methods on the efficiency of deregulated electricity markets," Energy, Elsevier, vol. 59(C), pages 676-688.
    13. Mwampashi, Muthe Mathias & Nikitopoulos, Christina Sklibosios & Konstandatos, Otto & Rai, Alan, 2021. "Wind generation and the dynamics of electricity prices in Australia," Energy Economics, Elsevier, vol. 103(C).
    14. Copena, Damián & Simón, Xavier, 2018. "Wind farms and payments to landowners: Opportunities for rural development for the case of Galicia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 95(C), pages 38-47.
    15. Winkler, Jenny & Gaio, Alberto & Pfluger, Benjamin & Ragwitz, Mario, 2016. "Impact of renewables on electricity markets – Do support schemes matter?," Energy Policy, Elsevier, vol. 93(C), pages 157-167.
    16. Shahriyar Nasirov & Carlos Silva & Claudio A. Agostini, 2015. "Investors’ Perspectives on Barriers to the Deployment of Renewable Energy Sources in Chile," Energies, MDPI, vol. 8(5), pages 1-21, April.
    17. Foley, A.M. & Ó Gallachóir, B.P. & McKeogh, E.J. & Milborrow, D. & Leahy, P.G., 2013. "Addressing the technical and market challenges to high wind power integration in Ireland," Renewable and Sustainable Energy Reviews, Elsevier, vol. 19(C), pages 692-703.
    18. Kost, Christoph & Flath, Christoph M. & Möst, Dominik, 2013. "Concentrating solar power plant investment and operation decisions under different price and support mechanisms," Energy Policy, Elsevier, vol. 61(C), pages 238-248.
    19. Gualtieri, Giovanni, 2019. "A comprehensive review on wind resource extrapolation models applied in wind energy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 102(C), pages 215-233.
    20. Katinas, Vladislovas & Sankauskas, Donatas & Markevičius, Antanas & Perednis, Eugenijus, 2014. "Investigation of the wind energy characteristics and power generation in Lithuania," Renewable Energy, Elsevier, vol. 66(C), pages 299-304.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:renene:v:46:y:2012:i:c:p:289-296. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/renewable-energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.