Abstract—It is crucial to analyze the wind distribution throughout the year and the expected annual power generation (Mwh) to evaluate a wind power investment. The cut-in and cut-out wind speeds along with the size of the wind turbine should carefully be included to the analysis as they will affect the amount of power generation. On the other hand, the capital cost and cost of power generation each year should be allocated to the economic life of the project using an appropriated discount rate. In this paper, an economic analysis method and a wind simulation approach is developed to evaluate the expected annual power generation of a wind project. The revenue is calculated using expected power amount and the power price ($/Mwh) and the net return is found by subtracting the cost. The necessary economic analysis is then performed using net present value and payback method. The weibull distribution is assumed for the wind and operational characteristics of the turbine are included.
Index Terms—Wind power, economic analysis, wind simulation, turbine operational constraints.
Ahmet Yucekaya is with the Kadir Has University, Fatih, İstanbul, Turkey (e-mail: ahmety@khas.edu.tr).
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Cite:Ahmet Yucekaya, "A Simulation Approach to Evaluate Operational Economics of Wind Power Investments in Turkey," Journal of Clean Energy Technologies vol. 3, no. 5, pp. 378-381, 2015.
