IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v87y2016ip1p430-436.html
   My bibliography  Save this article

Prediction of site specific wind energy value factors

Author

Listed:
  • Capellaro, Mark

Abstract

This paper demonstrates a method to predict the value factor and market value of a wind turbine production. This will allow for the estimation of the economic viability of a turbine subject to pure market prices and also allow for prediction of the necessary financial support for turbines under subsidy schemes. The value factor is a common metric used to determine the value of variable energy sources. Research has shown that wind speed profiles that with a high value factor, or have a positive correlation with the market electricity price, have an economic advantage. However, previous research has determined overall value factors for wind in electricity networks at the macro level. This paper details a method at the micro level, since the wind conditions and therefore the value factor are themselves a site specific property. The data necessary to predict the value factor is the same as used to predict the energy production of the site. This allows for the prediction to be used before turbine installation and can be used as an optimization parameter for researchers and for turbine siting with regards to the electricity price/market.

Suggested Citation

  • Capellaro, Mark, 2016. "Prediction of site specific wind energy value factors," Renewable Energy, Elsevier, vol. 87(P1), pages 430-436.
    • Handle: RePEc:eee:renene:v:87:y:2016:i:p1:p:430-436
    DOI: 10.1016/j.renene.2015.10.019
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148115303736
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.renene.2015.10.019?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. Hirth, Lion, 2013. "The market value of variable renewables," Energy Economics, Elsevier, vol. 38(C), pages 218-236.
    2. MacCormack, John & Hollis, Aidan & Zareipour, Hamidreza & Rosehart, William, 2010. "The large-scale integration of wind generation: Impacts on price, reliability and dispatchable conventional suppliers," Energy Policy, Elsevier, vol. 38(7), pages 3837-3846, July.
    3. Katzenstein, Warren & Apt, Jay, 2012. "The cost of wind power variability," Energy Policy, Elsevier, vol. 51(C), pages 233-243.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Burt, Michelle & Firestone, Jeremy & Madsen, John A. & Veron, Dana E. & Bowers, Richard, 2017. "Tall towers, long blades and manifest destiny: The migration of land-based wind from the Great Plains to the thirteen colonies," Applied Energy, Elsevier, vol. 206(C), pages 487-497.
    2. Dragomir, George & Șerban, Alexandru & Năstase, Gabriel & Brezeanu, Alin Ionuț, 2016. "Wind energy in Romania: A review from 2009 to 2016," Renewable and Sustainable Energy Reviews, Elsevier, vol. 64(C), pages 129-143.
    3. Bernath, Christiane & Deac, Gerda & Sensfuß, Frank, 2021. "Impact of sector coupling on the market value of renewable energies – A model-based scenario analysis," Applied Energy, Elsevier, vol. 281(C).
    4. Raik Becker & Daniela Thrän, 2018. "Optimal Siting of Wind Farms in Wind Energy Dominated Power Systems," Energies, MDPI, vol. 11(4), pages 1-12, April.
    5. Fabio Magrassi & Adriana Del Borghi & Michela Gallo & Carlo Strazza & Michela Robba, 2016. "Optimal Planning of Sustainable Buildings: Integration of Life Cycle Assessment and Optimization in a Decision Support System (DSS)," Energies, MDPI, vol. 9(7), pages 1-15, June.
    6. al Irsyad, Muhammad Indra & Halog, Anthony & Nepal, Rabindra, 2019. "Renewable energy projections for climate change mitigation: An analysis of uncertainty and errors," Renewable Energy, Elsevier, vol. 130(C), pages 536-546.
    7. Samal, Rajat Kanti & Tripathy, M., 2019. "A novel distance metric for evaluating impact of wind integration on power systems," Renewable Energy, Elsevier, vol. 140(C), pages 722-736.
    8. Winkler, Jenny & Pudlik, Martin & Ragwitz, Mario & Pfluger, Benjamin, 2016. "The market value of renewable electricity – Which factors really matter?," Applied Energy, Elsevier, vol. 184(C), pages 464-481.

    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. Ueckerdt, Falko & Brecha, Robert & Luderer, Gunnar, 2015. "Analyzing major challenges of wind and solar variability in power systems," Renewable Energy, Elsevier, vol. 81(C), pages 1-10.
    2. 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.
    3. Hirth, Lion & Ueckerdt, Falko, 2013. "Redistribution effects of energy and climate policy: The electricity market," Energy Policy, Elsevier, vol. 62(C), pages 934-947.
    4. Lion Hirth, 2015. "The Optimal Share of Variable Renewables: How the Variability of Wind and Solar Power affects their Welfare-optimal Deployment," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1).
    5. Soria, Rafael & Portugal-Pereira, Joana & Szklo, Alexandre & Milani, Rodrigo & Schaeffer, Roberto, 2015. "Hybrid concentrated solar power (CSP)–biomass plants in a semiarid region: A strategy for CSP deployment in Brazil," Energy Policy, Elsevier, vol. 86(C), pages 57-72.
    6. Sarfati, Mahir & Hesamzadeh, Mohammad Reza & Biggar, Darryl R. & Baldick, Ross, 2018. "Probabilistic pricing of ramp service in power systems with wind and solar generation," Renewable and Sustainable Energy Reviews, Elsevier, vol. 90(C), pages 851-862.
    7. Ueckerdt, Falko & Hirth, Lion & Luderer, Gunnar & Edenhofer, Ottmar, 2013. "System LCOE: What are the costs of variable renewables?," Energy, Elsevier, vol. 63(C), pages 61-75.
    8. Hirth, Lion & Ziegenhagen, Inka, 2013. "Control Power and Variable Renewables A Glimpse at German Data," Energy: Resources and Markets 151373, Fondazione Eni Enrico Mattei (FEEM).
    9. Jägemann, Cosima, 2014. "An illustrative note on the system price effect of wind and solar power - The German case," EWI Working Papers 2014-10, Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI).
    10. Lion Hirth, Falko Ueckerdt, and Ottmar Edenhofer, 2016. "Why Wind Is Not Coal: On the Economics of Electricity Generation," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    11. Hirth, Lion & Ueckerdt, Falko & Edenhofer, Ottmar, 2015. "Integration costs revisited – An economic framework for wind and solar variability," Renewable Energy, Elsevier, vol. 74(C), pages 925-939.
    12. Roy, Sanjoy, 2020. "A technical perspective on variability costs: Dependence on power variability and cross-correlations," Energy, Elsevier, vol. 198(C).
    13. Hirth, Lion, 2013. "The market value of variable renewables," Energy Economics, Elsevier, vol. 38(C), pages 218-236.
    14. Hirth, Lion & Ziegenhagen, Inka, 2015. "Balancing power and variable renewables: Three links," Renewable and Sustainable Energy Reviews, Elsevier, vol. 50(C), pages 1035-1051.
    15. Deetjen, Thomas A. & Garrison, Jared B. & Rhodes, Joshua D. & Webber, Michael E., 2016. "Solar PV integration cost variation due to array orientation and geographic location in the Electric Reliability Council of Texas," Applied Energy, Elsevier, vol. 180(C), pages 607-616.
    16. Joan Batalla-Bejerano & Elisa Trujillo-Baute, 2015. "Analysing the sensitivity of electricity system operational costs to deviations in supply and demand," Working Papers 2015/8, Institut d'Economia de Barcelona (IEB).
    17. Notton, Gilles & Nivet, Marie-Laure & Voyant, Cyril & Paoli, Christophe & Darras, Christophe & Motte, Fabrice & Fouilloy, Alexis, 2018. "Intermittent and stochastic character of renewable energy sources: Consequences, cost of intermittence and benefit of forecasting," Renewable and Sustainable Energy Reviews, Elsevier, vol. 87(C), pages 96-105.
    18. Lion Hirth, 2013. "The Market Value of Variable Renewables. The Effect of Solar and Wind Power Variability on their Relative Price," RSCAS Working Papers 2013/36, European University Institute.
    19. Dillig, Marius & Jung, Manuel & Karl, Jürgen, 2016. "The impact of renewables on electricity prices in Germany – An estimation based on historic spot prices in the years 2011–2013," Renewable and Sustainable Energy Reviews, Elsevier, vol. 57(C), pages 7-15.
    20. Keppler, Jan Horst & Quemin, Simon & Saguan, Marcelo, 2022. "Why the sustainable provision of low-carbon electricity needs hybrid markets," Energy Policy, Elsevier, vol. 171(C).

    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:87:y:2016:i:p1:p:430-436. 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.