Understanding Wind Power Costs: The Value of a Comprehensive Approach (Presentation)

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The evolution and maturity of the wind industry have often been assessed by considering changes in key metrics including capital costs, capacity factor, turbine pricing, and in some cases electricity sales data. However, wind turbines and plants represent a complex system optimization problem and each of these metrics, in isolation, fails to tell the complete story of technological progress and industry advancement. By contrast, the levelized cost of energy (LCOE) provides a more comprehensive and nuanced perspective on industry trends. LCOE can be used to analyze the effect of individual changes (by holding other variables constant) or to understand the ... continued below

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19 p.

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Lantz, E. May 1, 2013.

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Description

The evolution and maturity of the wind industry have often been assessed by considering changes in key metrics including capital costs, capacity factor, turbine pricing, and in some cases electricity sales data. However, wind turbines and plants represent a complex system optimization problem and each of these metrics, in isolation, fails to tell the complete story of technological progress and industry advancement. By contrast, the levelized cost of energy (LCOE) provides a more comprehensive and nuanced perspective on industry trends. LCOE can be used to analyze the effect of individual changes (by holding other variables constant) or to understand the complex interactions that might occur for example between turbine costs and productivity. Moreover, LCOE offers a reflection of the total production costs and required revenue for wind plants. This presentation provides examples of how a narrow focus on individual industry metrics can provide inaccurate representations of industry trends while also demonstrating how LCOE captures the array of critical industry variables to provide a greater level of insight.

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19 p.

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  • Presented at the 2nd NREL Wind Energy Systems Engineering Workshop, 29-30 January 2013, Broomfield, Colorado; Related Information: NREL (National Renewable Energy Laboratory)

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  • Report No.: NREL/PR-5000-58104
  • Grant Number: AC36-08GO28308
  • Office of Scientific & Technical Information Report Number: 1082559
  • Archival Resource Key: ark:/67531/metadc844166

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  • May 1, 2013

Added to The UNT Digital Library

  • May 19, 2016, 9:45 a.m.

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  • April 4, 2017, 12:50 p.m.

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Lantz, E. Understanding Wind Power Costs: The Value of a Comprehensive Approach (Presentation), article, May 1, 2013; Golden, Colorado. (digital.library.unt.edu/ark:/67531/metadc844166/: accessed August 21, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.