Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland
AbstractWind 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. View Full-Text
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Ragnarsson, B.F.; Oddsson, G.V.; Unnthorsson, R.; Hrafnkelsson, B. Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland. Energies 2015, 8, 9464-9485.
Ragnarsson BF, Oddsson GV, Unnthorsson R, Hrafnkelsson B. Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland. Energies. 2015; 8(9):9464-9485.Chicago/Turabian Style
Ragnarsson, Birgir F.; Oddsson, Gudmundur V.; Unnthorsson, Runar; Hrafnkelsson, Birgir. 2015. "Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland." Energies 8, no. 9: 9464-9485.