Contents of energy storage cost accounting for wind power projects

What is the LCOE of a wind power system?

The principal components of the LCOE of wind power systems include capital costs, operation and maintenance costs and the expected annual energy production (Figure 6.1). Assessing the cost of a wind power system requires a careful evaluation of all of these components over the life of the project.

How much does wind energy cost?

Other sources recently noted that the LCOE generated from wind is now below USD 0.068/kWh (€0.050/kWh) for most of the projects in high resource areas (United States , Brazil, Sweden, Mexico) (Cleantechnica, 2011). This compares to current estimated average costs of USD 0.067/kWh for coal-fired power and USD 0.056/ kWh for gas-fired power.

Is wind energy based on capacity factors & construction cost?

The statistic of wind energy in the US is presently based on annual average capacity factors, and construction cost (CAPEX). This approach suffers from one major downfall, as it does not include any parameter describing the variability of the wind energy generation.

Can on-site wind energy storage address short-time mismatches between energy supply and demand?

In this future, inexpensive and efficient on-site wind energy storage can be critical to address short-time (hourly) mismatches between wind supply and energy demand. This study investigates a compressed air energy storage (CAES) and hydraulic power transmission (HPT) system concept.

Is wind power a performance and cost parameter?

The novelty of the present work is the recognition of the variability of wind power generation as a performance and cost parameter, and the proposal of a practical way to progress the design of the storage and its cost attribution to the generating facilities.

How much money can a wind turbine save a year?

Estimated savings of 21.6% with CAES + HPT for a sample $2.92 billion project. The size and number of off-shore wind turbines over the next decade is expected to rapidly increase due to the high wind energy potential and the ability of such farms to provide utility-scale energy.