Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland
Wind energy harnessing is a new energy production alternative in Iceland. Current installed wind power in Iceland sums to 1.8 MW, which in contrast is 0.1% of the country’s total electricity production. This article is dedicated to the exploration of the potential cost of wind energy production at B...
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ftmdpi:oai:mdpi.com:/1996-1073/8/9/9464/ 2023-08-20T04:07:19+02:00 Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland Birgir Ragnarsson Gudmundur Oddsson Runar Unnthorsson Birgir Hrafnkelsson 2015-09-01 application/pdf https://doi.org/10.3390/en8099464 EN eng Multidisciplinary Digital Publishing Institute https://dx.doi.org/10.3390/en8099464 https://creativecommons.org/licenses/by/4.0/ Energies; Volume 8; Issue 9; Pages: 9464-9485 wind energy levelized cost of energy (LCOE) annual energy production (AEP) modified Weibull Iceland Text 2015 ftmdpi https://doi.org/10.3390/en8099464 2023-07-31T20:46:13Z Wind energy harnessing is a new energy production alternative in Iceland. Current installed wind power in Iceland sums to 1.8 MW, which in contrast is 0.1% of the country’s total electricity production. This article is dedicated to the exploration of the potential cost of wind energy production at Búrfell in the south of Iceland. A levelized cost of energy (LCOE) approach was applied to the estimation of the potential cost. Weibull simulation is used to simulate wind data for calculations. A confirmation of the power law is done by comparing real data to calculated values. A modified Weibull simulation is verified by comparing results with actual on-site test wind turbines. A wind farm of 99MWis suggested for the site. Key results were the capacity factor (CF) at Búrfell being 38.15% on average and that the LCOE for wind energy was estimated as 0.087–0.088 USD/kWh (assuming 10% weighted average cost of capital (WACC)), which classifies Búrfell among the lowest LCOE sites for wind energy in Europe. Text Iceland MDPI Open Access Publishing Búrfell ENVELOPE(-19.818,-19.818,64.079,64.079) Energies 8 9 9464 9485 |
institution |
Open Polar |
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MDPI Open Access Publishing |
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ftmdpi |
language |
English |
topic |
wind energy levelized cost of energy (LCOE) annual energy production (AEP) modified Weibull Iceland |
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wind energy levelized cost of energy (LCOE) annual energy production (AEP) modified Weibull Iceland Birgir Ragnarsson Gudmundur Oddsson Runar Unnthorsson Birgir Hrafnkelsson Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland |
topic_facet |
wind energy levelized cost of energy (LCOE) annual energy production (AEP) modified Weibull Iceland |
description |
Wind energy harnessing is a new energy production alternative in Iceland. Current installed wind power in Iceland sums to 1.8 MW, which in contrast is 0.1% of the country’s total electricity production. This article is dedicated to the exploration of the potential cost of wind energy production at Búrfell in the south of Iceland. A levelized cost of energy (LCOE) approach was applied to the estimation of the potential cost. Weibull simulation is used to simulate wind data for calculations. A confirmation of the power law is done by comparing real data to calculated values. A modified Weibull simulation is verified by comparing results with actual on-site test wind turbines. A wind farm of 99MWis suggested for the site. Key results were the capacity factor (CF) at Búrfell being 38.15% on average and that the LCOE for wind energy was estimated as 0.087–0.088 USD/kWh (assuming 10% weighted average cost of capital (WACC)), which classifies Búrfell among the lowest LCOE sites for wind energy in Europe. |
format |
Text |
author |
Birgir Ragnarsson Gudmundur Oddsson Runar Unnthorsson Birgir Hrafnkelsson |
author_facet |
Birgir Ragnarsson Gudmundur Oddsson Runar Unnthorsson Birgir Hrafnkelsson |
author_sort |
Birgir Ragnarsson |
title |
Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland |
title_short |
Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland |
title_full |
Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland |
title_fullStr |
Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland |
title_full_unstemmed |
Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland |
title_sort |
levelized cost of energy analysis of a wind power generation system at búrfell in iceland |
publisher |
Multidisciplinary Digital Publishing Institute |
publishDate |
2015 |
url |
https://doi.org/10.3390/en8099464 |
long_lat |
ENVELOPE(-19.818,-19.818,64.079,64.079) |
geographic |
Búrfell |
geographic_facet |
Búrfell |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Energies; Volume 8; Issue 9; Pages: 9464-9485 |
op_relation |
https://dx.doi.org/10.3390/en8099464 |
op_rights |
https://creativecommons.org/licenses/by/4.0/ |
op_doi |
https://doi.org/10.3390/en8099464 |
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Energies |
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8 |
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9 |
container_start_page |
9464 |
op_container_end_page |
9485 |
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1774718854076825600 |