Comprehensive Analysis of Wind Farm Venture - Essay Example

Wind Farm work Summary Any report demands precise provision throughout in its presentation. The report presented herein is on a wind farm venture that was performed prior to its implementation. As an investor, it is imperative to perform a comprehensive study on the desired project to determine its viability in both the short and long run. Wind farm is a lucrative venture that in spite of its dependence on nature for vital resources, it relies on a heavy technological outlay which demands significant capital. Therefore, the determination of the project success is as essential as the input requirement. This report will begin by a summary providing the background and the crucial processes needed in the wind farm besides provision of reason to invest in the venture. The introduction will incorporate description of the project, its requirements, importance advantage and disadvantages as well. As a matter of fact, outlining the objectives of the report will form a fundamental section of the introduction. Adequate models for calculations such as correlation, regression and other statistical estimations are used and shown as well. This entail all stages ranging from the data collection on the properties of wind in the region to the financial budget estimations. Numerical methods have been reviewed in order to achieve results from the accurate limits of estimations. Being that this was an original result that depended on variables of different characteristics, incorporating assumptions was necessary so as to guide the research process. Stating the assumptions presented the criteria applied in the process and targeted offering guidelines in the analysis phase. Critical findings were identified and most supported by diagrams in order to enhance observations for the consequential analysis, discussions, conclusions and the recommendations Table of Contents Summary 2 Table of Contents 4 Introduction 6 Assumptions 7 Generator 7 Power System Characteristics 7 Electric System Loads 8 Growth Rate 8 Capacity Requirements 9 Methodology 9 Results 9 Findings 11 Defining risks 11 Lifespan properties of energy generation opportunities 12 Wildlife and habitat effects 12 Involving national leadership 13 Develop siting strategies 13 Addressing public concerns 13 Discussion 14 Conclusion 15 Introduction A wind farm entails a group of wind turbines assembled in the one location at appropriate intervals and used to generate energy from wind through transformation. A greater wind farm might contain hundreds of individual wind turbines and occupy a protracted area of hundreds of square meters, though the land amid the turbines might be engaged in agricultural together with other purposes that do not interfere with the operation of the turbines. Wind power is a plentiful, extensively circulated energy resource that has no fuel cost, no adverse releases and water use. Wind’s disadvantages are greatly connected to its flexible characteristic and the element that the best regions for producing wind energy are always found distant from major cities and urban centers. Wind swiftness and path can alternate by the season, diurnal and hour and hence demand standby from power generation sites which, can start anytime, for example, coal or gas generation points. Wind farms in locations of main cities also necessitate several miles of alternative conduction lines to transmit wind-produced electricity from the generation point to customers in most inhabited areas of the country, leading to significant conduction costs. Wind power has high direct capital requirements that presently make it reliant on federal appropriations. This report intends to provide a comprehensive analysis of the wind farm research activity performed previously. Wind power is one of the clean sources of energy that have little or no environmental hazards. Presently, most world organizations lobby for the embracement of use of sources of energy that bear renewable and restrict the consumption of the nonrenewable sources (Musgrove, 2010, 234-278). When investing in the wind farm as a venture, the individual or the corporate should understand that they are right and their actions are supported by the prevailing global trends. Assumptions Generator The suitable generator availability aspects for preservation and wind situations for the suggested characteristic regions. That is, permitting the durations when the turbines are not operational in their role to generate power. Financial Model The cost includes the purchase, maintenance, installation and operation. The development costs include revenue for the generation of energy by the wind farm (Harvey, 2010, 190-234). The depreciation and taxation inferences involved herein defined a situation analysis availing the project profitability evaluation for scenarios regarded as being most relevant (Warburg, 2012, 178-245). The project heightens the electric power scheme depending on estimated life-cycle expenses, that comprise capital outlays and accumulative discounted operating expenses against a fixed analysis duration (Patel, 2005, 123-167). The full time capital costs provided as contributions to the scheme are accustomed to infer the authentic total cost of production, together with tax effects, interest during cthe process, and financing process. Power System Characteristics There are four types of locations included in the model applied in the research: i. Interconnect regions ii. National Electric Reliability Council sub-regions iii. Balancing areas iv. Wind resource regions The Interconnect regions together with balancing areas are demarcated and run by various supervisory organizations. Integrate buildup from states for the electricity load to be regulated for every wind-circulating region according to the county populace (Patel, 2005, 123-167). Wind resource locations were generated particularly for the applied model. Selection of the regions employed the following criteria: i. No crossing state borders. ii. Adapt to harmonizing regions as much as conceivable in order to obtain the antagonism amid wind and other power producers. iii. Distinguish main windy regions from load centers. iv. Adapt region and sub region borders as stipulated by the NERC. Electric System Loads Loads depend on regions and time. The model attains the energy together with power needs for the respective balancing regions. Each area is assigned to a number of slices that are variant and modelled annually (Patel, 2005, 123-167). The electricity load for the balancing areas comes from authentic databases such as the RDI/ Platts database. Growth Rate The load growth is determined at the NERC region level. Loads in the balancing areas in every NERC location are presumed to develop in a similar rate as the 2050 (Harvey, 2010, 190-234). The project assumed that the growth rate is stagnant in every time slice. Capacity Requirements The reserve margin necessity can be attained by any generator brand even though it must have the opposite capacity value (Darity, 2008, 234-312). The definite capacity value is a marginal proportion of the nameplate capacity and the requirements are implemented regularly. Methodology A mast measuring wind speed and direction data at the Haverigg was erected at 313300 east, 479400 north. The Meteorological Office site is situated at 10km away at Walney Island with the mast at 317800 east and 470600 north. The data from the masts were used to carry out Measure-Correlate-Predict (MCP) in estimation of the long-term wind speed expected at the Haverigg. The site at Haverigg had two clusters of wind turbines (Patel, 2005, 123-167). Concurrent hourly averaged wind speed and corresponding wind direction data were obtained fron the Walney-Haverigg. The wind speed data were from the Walney Island (Musgrove, 2010, 234-278). The data were then subdivided by the 30-degree direction sector as measured at the Walney Island Results The power capacity of the turbines ranges from less than 0.1MW to 2.0 MW. Identical spread for turbine hub height of 22m to 114m, rotor diameter of 14m to 80m and the corresponding total height of 30m to 146m to blade tip (Harvey, 2010, 190-234). The prevailing parameter capacity, the hub height, rotor diameter and the corresponding total height are closely correlated (Harvey, 2010, 190-234). The association amidst the power capacity of the wind turbines and the remaining parameters is described by the following equation, whilst the regression equation is defined by R2 value was maximized with n=741. Hub height (m) = 28.98*power capacity (MW) +30.20 R2 = 0.67 (p Read More