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

Energies

Birgir Freyr Ragnarsson¹  Gudmundur V. Oddsson¹  Runar Unnthorsson¹  Birgir Hrafnkelsson² 

[1] Faculty of Industrial Engineering, Mechanical Engineering and Computer Science, Centre for Productivity, Performance and Processes, University of Iceland, Hjardarhagi 6, Reykjavik 107, Iceland; E-Mails:;Department of Mathematics, Faculty of Physical Sciences, University of Iceland, Reykjavik 107, Iceland; E-Mail:

关键词: wind energy;    levelized cost of energy (LCOE);    annual energy production (AEP);    modified Weibull;    Iceland;   

DOI  :  10.3390/en8099464

来源: mdpi

【 摘 要 】

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 99 MW is 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.

【 授权许可】

CC BY   
© 2015 by the authors; licensee MDPI, Basel, Switzerland.