Mobile QR Code QR CODE : The Transactions of the Korean Institute of Electrical Engineers
Title Economic Evaluation of Large-Scale Offshore Wind Farm considering Wind Speed and Wind Turbine Capacity
Authors 문원식(Won-Sik Moon) ; 신중우(Joong-Woo Shin) ; 윤광훈(Kwang-Hoon Yoon)
DOI https://doi.org/10.5370/KIEE.2021.70.7.953
Page pp.953-960
ISSN 1975-8359
Keywords Offshore Wind Farms; Mean Wind Speed; Wind Turbine Capacity; Capacity Factor; Levelized Cost of Energy
Abstract This study is conducted to evaluate the economic feasibility of large-scale offshore wind farms based on mean wind speed and wind turbine capacity. The evaluation is carried out on two 400MW large-scale wind farms each consisting of 5MW wind turbine and 8MW wind turbine, by analyzing the capacity factor and levelized cost of energy due to changes in mean wind speed. Capacity factor is adopted as a measurement to analyze the changes in production amount due to variations in wind turbines’ capacities, despite different wind farms having the same capacity. Levelized cost of energy is calculated as the ratio of the annual acquisition cost to the annual energy production. To derive the annual acquisition cost, the study proposes a capital expenditure and operational cost model. A case study is conducted on a developed offshore wind farm scheduled to be operational in 2022 to eliminate variations in capital expenditure cost due to optimization of topology for internal power grid. Through the case study, the impact of wind speed and wind turbine capacity on the economic feasibility of offshore wind farms is analyzed.