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Economic performance indicators of wind energy based on wind speed stochastic modeling

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  • D’Amico, Guglielmo
  • Petroni, Filippo
  • Prattico, Flavio

Abstract

We propose the computation of different wind energy production indicators and financial profitability of potential wind power sites. The computation is performed by modeling the wind speed process as an indexed semi-Markov chain to predict and simulate the wind speed dynamics.

Suggested Citation

  • D’Amico, Guglielmo & Petroni, Filippo & Prattico, Flavio, 2015. "Economic performance indicators of wind energy based on wind speed stochastic modeling," Applied Energy, Elsevier, vol. 154(C), pages 290-297.
    • Handle: RePEc:eee:appene:v:154:y:2015:i:c:p:290-297
    DOI: 10.1016/j.apenergy.2015.04.124
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    3. Ritter, Matthias & Deckert, Lars, 2017. "Site assessment, turbine selection, and local feed-in tariffs through the wind energy index," Applied Energy, Elsevier, vol. 185(P2), pages 1087-1099.
    4. Morshed, Mohammad Javad & Hmida, Jalel Ben & Fekih, Afef, 2018. "A probabilistic multi-objective approach for power flow optimization in hybrid wind-PV-PEV systems," Applied Energy, Elsevier, vol. 211(C), pages 1136-1149.
    5. Sun, Peng & Li, Jian & Wang, Caisheng & Lei, Xiao, 2016. "A generalized model for wind turbine anomaly identification based on SCADA data," Applied Energy, Elsevier, vol. 168(C), pages 550-567.
    6. Guglielmo D’Amico & Fulvio Gismondi & Filippo Petroni, 2020. "Insurance Contracts for Hedging Wind Power Uncertainty," Mathematics, MDPI, vol. 8(8), pages 1-16, August.
    7. Guglielmo D’Amico & Giovanni Masala & Filippo Petroni & Robert Adam Sobolewski, 2020. "Managing Wind Power Generation via Indexed Semi-Markov Model and Copula," Energies, MDPI, vol. 13(16), pages 1-21, August.
    8. Xiuyun Wang & Jian Wang & Biyuan Tian & Yang Cui & Yu Zhao, 2018. "Economic Dispatch of the Low-Carbon Green Certificate with Wind Farms Based on Fuzzy Chance Constraints," Energies, MDPI, vol. 11(4), pages 1-19, April.
    9. Dejun Qiu & Hasan Dinçer & Serhat Yüksel & Gözde Gülseven Ubay, 2020. "Multi-Faceted Analysis of Systematic Risk-Based Wind Energy Investment Decisions in E7 Economies Using Modified Hybrid Modeling with IT2 Fuzzy Sets," Energies, MDPI, vol. 13(6), pages 1-25, March.
    10. D’Amico, Guglielmo & Petroni, Filippo & Prattico, Flavio, 2017. "Insuring wind energy production," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 467(C), pages 542-553.
    11. Bo, Yimin & Bao, Minglei & Ding, Yi & Hu, Yishuang, 2024. "A DNN-based reliability evaluation method for multi-state series-parallel systems considering semi-Markov process," Reliability Engineering and System Safety, Elsevier, vol. 242(C).
    12. Sedaghat, Ahmad & Hassanzadeh, Arash & Jamali, Jamaloddin & Mostafaeipour, Ali & Chen, Wei-Hsin, 2017. "Determination of rated wind speed for maximum annual energy production of variable speed wind turbines," Applied Energy, Elsevier, vol. 205(C), pages 781-789.

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