Picture of two heads

Open Access research that challenges the mind...

The Strathprints institutional repository is a digital archive of University of Strathclyde research outputs. Strathprints provides access to thousands of Open Access research papers by University of Strathclyde researchers, including those from the School of Psychological Sciences & Health - but also papers by researchers based within the Faculties of Science, Engineering, Humanities & Social Sciences, and from the Strathclyde Business School.

Discover more...

Wind farm capital cost regression model for accurate life cycle cost estimation

Mcmillan, David and Ault, Graham W. (2012) Wind farm capital cost regression model for accurate life cycle cost estimation. In: PMAPS 2012, 2012-06-10 - 2012-06-14.

[img]
Preview
Text (McMillan-Ault-PMAPS-2012-Wind-farm-capital-cost-regression-model-for-accurate-life)
McMillan_Ault_PMAPS_2012_Wind_farm_capital_cost_regression_model_for_accurate_life.pdf - Preprint

Download (342kB) | Preview

Abstract

Various studies over the last decade have attempted to forecast capital cost of wind power. The main assumption underpinning these models is that cost reductions will accrue indefinitely from technological learning over time. In this paper a regression model is proposed for wind farm capital cost which is based on commodities price and water depth rather than technological learning. With greater simplicity and certainty in the theoretical foundations of such a model, it is possible to gain realistic estimates of wind turbine capital cost. Such pragmatic and well-reasoned output is needed so that wind farm developers can understand their future risk exposure to price fluctuations in capital cost of plant.