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Technical and economical study and operational analysis of a wind farm

Krokos Georgios

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Summary

The need to transition to economic models of sustainable development is imperative, as the negative effects of climate change, mainly due to the emission of greenhouse gases for energy production, are more than ever perceived. The shift to renewable energy sources in order to replace the consumed energy produced through the combustion of fossil fuels (lignite and natural gas) has already begun, with the renewable energy sources that have the highest penetration being hydroelectric, wind and solar energy. Unlike solar and hydropower, wind energy is less stochastic, after studying the wind potential at the site. In addition, unlike solar energy, wind energy is not produced exclusively during the period of sunshine, but is extended around the clock. The institutional framework in Greece has begun, especially since 2010, to become more favorable for accelerating the penetration of renewable energy sources in the country's energy mix, as it is increasingly in line with the corresponding European institutional framework. In the context of the present, a wind farm with an installed capacity of 101.2MW was studied in the area of Heraklion, Crete, with the help of the Retscreen Expert software. The study focuses more on the economic analysis of the wind farm. According to the results of the study, the initial cost of installation and commissioning reaches $ 212,850,000, with its Net Present Value reaching $ 47,821,360, the payback occurring after 7.1 years and the Internal Rate of Return of the studied wind farm reaching 15.1%. A annual electrical energy of 274.466MWh and an annual reduction of greenhouse gases of 149.282,3tn CO2 is forecasted.

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