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Title: The financial benefits of various catastrophic failure prevention strategies in a wind farm: Two market studies (UK-Spain)
Authors: Yurusen, N.Y.
Tautz-Weinert, Jannis
Watson, Simon J.
Melero, J.J.
Issue Date: 2017
Publisher: IOP Publishing
Citation: YURUSEN, N.Y. ... et al, 2017. The financial benefits of various catastrophic failure prevention strategies in a wind farm: Two market studies (UK-Spain). Journal of Physics: Conference Series, 926, 012014.
Abstract: Operation of wind farms is driven by the overall aim of minimising costs while maximising energy sales. However, in certain circumstances investments are required to guarantee safe operation and survival of an asset. In this paper, we discuss the merits of various catastrophic failure prevention strategies in a Spanish wind farm. The wind farm operator was required to replace blades in two phases: temporary and final repair. We analyse the power performance of the turbine in the different states and investigate four scenarios with different timing of temporary and final repair during one year. The financial consequences of the scenarios are compared with a baseline by using a discounted cash flow analysis that considers the wholesale electricity market selling prices and interest rates. A comparison with the UK electricity market is conducted to highlight differences in the rate of return in the two countries.
Description: This is an Open Access Article. It is published by IOP Publishing under the Creative Commons Attribution 3.0 Unported Licence (CC BY). Full details of this licence are avalable at: http://creativecommons.org/licenses/by/3.0/
Sponsor: This project has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Sklodowska-Curie grant agreement No 642108 (project AWESOME - http://awesome-h2020.eu/)
Version: Published
DOI: 10.1088/1742-6596/926/1/012014
URI: https://dspace.lboro.ac.uk/2134/27633
Publisher Link: https://doi.org/10.1088/1742-6596/926/1/012014
ISSN: 1742-6588
Appears in Collections:Published Articles (Mechanical, Electrical and Manufacturing Engineering)

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