Old Wind Farm Life Extension vs. Full Repowering: A Review of Economic Issues and a Stochastic Application for Spain
dc.contributor.author | Abadie, Luis María | |
dc.contributor.author | Goicoechea Larracoechea, Nestor | |
dc.date.accessioned | 2021-07-13T12:31:58Z | |
dc.date.available | 2021-07-13T12:31:58Z | |
dc.date.issued | 2021-06-20 | |
dc.identifier.citation | Energies 14(12) : (2021) // Article ID 3678 | es_ES |
dc.identifier.issn | 1996-1073 | |
dc.identifier.uri | http://hdl.handle.net/10810/52448 | |
dc.description.abstract | The installation of wind power technology is growing steadily and the trend can be expected to continue if the objectives proposed by the European Commission are to be achieved. In some countries a considerable percentage of installed wind power capacity is near the end of its useful lifetime. In the case of Spain, the figure is 50% within five years. Over the last 20 years, wind energy technology has evolved considerably and the expected capacity factor has improved, thus increasing annual energy production, and capital expenditure and operational expenditure have decreased substantially. This paper studies the optimal decision under uncertainty between life extension and full repowering for a generic wind farm installed in the Iberian Peninsula when the future hourly electricity prices and the capacity factor evolve stochastically and seasonally. The results show that in economic terms, full repowering is the best option, with a net present value of €702,093 per MW installed, while reblading is the second best option. The methodology can be transferred to other specific wind farms in different electricity markets and can be used to develop national wind energy policy recommendations to achieve projected shares in the electricity mix. | es_ES |
dc.description.sponsorship | This research was funded by the Basque Government through the BERC 2018–2021 programme and by the Spanish Ministry of the Economy and Competitiveness (MINECO) through BC3 María de Maeztu excellence accreditation MDM-2017-0714. Further support is provided by the MINECO project RTI 2018-093352-B-I00. | es_ES |
dc.language.iso | eng | es_ES |
dc.publisher | MDPI | es_ES |
dc.relation | info:eu-repo/grantAgreement/MINECO/RTI 2018-093352-B-I00 | es_ES |
dc.rights | info:eu-repo/semantics/openAccess | es_ES |
dc.rights.uri | http://creativecommons.org/licenses/by/3.0/es/ | |
dc.subject | wind power | es_ES |
dc.subject | life extension | es_ES |
dc.subject | repower | es_ES |
dc.subject | capacity factor | es_ES |
dc.subject | electricity price | es_ES |
dc.subject | uncertainty | es_ES |
dc.title | Old Wind Farm Life Extension vs. Full Repowering: A Review of Economic Issues and a Stochastic Application for Spain | es_ES |
dc.type | info:eu-repo/semantics/article | es_ES |
dc.date.updated | 2021-06-24T14:11:52Z | |
dc.rights.holder | © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). | es_ES |
dc.relation.publisherversion | https://www.mdpi.com/1996-1073/14/12/3678 | es_ES |
dc.identifier.doi | 10.3390/en14123678 | |
dc.departamentoes | Expresión gráfica y proyectos de ingeniería | |
dc.departamentoeu | Adierazpen grafikoa eta ingeniaritzako proiektuak |
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Except where otherwise noted, this item's license is described as © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).