Abstract
The economic value of a wind farm project is influenced by various risk factors such as wind power output and electricity market price. In particular, there is uncertainty in the economic evaluation of a wind farm project due to uncertain wind power outputs, which are fluctuated by weather factors such as wind speed, and volatile electricity market prices. This paper presents a systematic method to assess the economic value and payback period of a wind farm project using Least Square Monte-Carlo (LSMC) simulation. Numerical example is presented to validate the effectiveness of the proposed economic assessment method for a wind farm project.
| Original language | English |
|---|---|
| Pages (from-to) | 32-35 |
| Number of pages | 4 |
| Journal | Transactions of the Korean Institute of Electrical Engineers |
| Volume | 60 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 2011 Jan |
Keywords
- LSMC (least square monte-carlo)
- Risk factor
- Wind farm investment
ASJC Scopus subject areas
- Electrical and Electronic Engineering