Developing a holistic simulation approach for parametric techno-economic analysis of wind energy

Abstract

The main objective of this study is to provide a systematic decision support framework based on a holistic simulation approach that allows systematically the technical and economic analysis of a wind power plant (WPP). This model-based spread-sheet consists of various economic and technical indicators, including from the Weibull parameters to the cost of electricity generation. Various scenario-based analyses, namely WPP-1, WPP-2, and WPP-3, with wind turbines with different rated power are conducted for the proposed WPP. In this study, the capacity factor fluctuates from 25.62% to 30.03% while the annual electricity generation is in the range from a minimum of 22.449 MW and a maximum of 26.837 MW. Regarding economic indicators, the Internal Rate of Return (IRR) and the Levelized Cost of Electricity (LCOE) range from 11.7% to 17.38% and from 0.0665 (sic)/kWh to 0.0771 (sic)/kWh, respectively. By discussed and compared both economic and technical indicators, the most feasible scenario selection phase, which is the focal point of the study, is realized to construct and operate the proposed WPP. The developed simulation may be applied to other countries as well and in this way, it helps to be shaped strategic energy policies related to wind energy.