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Energies 2015, 8(9), 9464-9485; doi:10.3390/en8099464

Levelized Cost of Energy Analysis of a Wind Power Generation System at Búrfell in Iceland

1
Faculty of Industrial Engineering, Mechanical Engineering and Computer Science, Centre for Productivity, Performance and Processes, University of Iceland, Hjardarhagi 6, Reykjavik 107, Iceland
2
Department of Mathematics, Faculty of Physical Sciences, University of Iceland, Reykjavik 107, Iceland
*
Author to whom correspondence should be addressed.
Academic Editor: Frede Blaabjerg
Received: 9 June 2015 / Revised: 10 August 2015 / Accepted: 18 August 2015 / Published: 1 September 2015
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Abstract

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. View Full-Text
Keywords: wind energy; levelized cost of energy (LCOE); annual energy production (AEP); modified Weibull; Iceland wind energy; levelized cost of energy (LCOE); annual energy production (AEP); modified Weibull; Iceland
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

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.

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