Chapter3, Ksiązki, WIND ENERGY - THE FACTS

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WIND ENERGY - THE FACTS
PART III
THE ECONOMICS
OF WIND POWER
Acknowledgements
Part III was compiled by Poul Erik Morthorst of
Ris´ DTU National Laboratory, Technical University of
Denmark; Hans Auer of the Energy Economics Group,
University of Vienna; Andrew Garrad of Garrad Hassan
and Partners; Isabel Blanco of UAH, Spain.
We would like to thank all the peer reviewers for
their valuable advice and for the tremendous effort
that they put into the revision of Part III.
Part III was carefully reviewed by the following
experts:
Rune Moesgaard
Danish Wind Industry Association
Hugo Chandler
IEA
Paulis Barons
Latvian Wind Energy Association
Mr. G. Bakema
Essent Netherlands
PART III
INTRODUCTION
Wind power is developing rapidly at both European
and global levels. Over the past 15 years, the global
installed capacity of wind power increased from around
2.5 GW in 1992 to just over 94 GW at the end of 2007,
an average annual growth of more than 25 per cent.
Owing to ongoing improvements in turbine efﬁ ciency and
higher fuel prices, wind power is becoming economi-
cally competitive with conventional power production,
and at sites with high wind speeds on land, wind power
is considered to be fully commercial.
Part III of this volume focuses on the economics of
wind power. The investment and cost structures of
land-based and offshore turbines are discussed. The
cost of electricity produced is also addressed, which
takes into account the lifetime of turbines and O&M
costs, and the past and future development of the
costs of wind-generated power is analysed. In subse-
quent chapters, the importance of ﬁ nance, support
schemes and employment issues are discussed. Finally,
the cost of wind-generated electricity is compared to
the cost of conventional fossil fuel-ﬁ red power plants.
Wind power is used in a number of different appli-
cations, including grid-connected and stand-alone
electricity production and water pumping. Part III
analyses the economics of wind energy, primarily in
relation to grid-connected turbines, which account
for the vast bulk of the market value of installed
turbines.
III.1
COST OF ON-LAND WIND POWER
Cost and Investment Structures
in Europe has a total investment cost of around €1.23
million/MW. The turbine’s share of the total cost is, on
average, around 76 per cent, while grid connection
accounts for around 9 per cent and foundations for
around 7 per cent. The cost of acquiring a turbine
site (on land) varies signiﬁ cantly between projects, so
the ﬁ gures in Table III.1.1 are only to be taken as
examples. Other cost components, such as control
systems and land, account for only a minor share of
total costs.
The total cost per kW of installed wind power capa-
city differs signiﬁ cantly between countries, as shown
in Figure III.1.1. The cost per kW typically varies from
around €1000/kW to €1350/kW. As shown in Figure
III.1.1, the investment costs per kW were found to be
lowest in Denmark, and slightly higher in Greece and
The Netherlands. For the UK, Spain and Germany, the
costs in the data selection were found to be around
20–30 per cent higher than in Denmark. However, it
should be observed that Figure III.1.1 is based on
limited data, so the results might not be entirely repre-
sentative for the countries involved.
Also, for ‘other costs’, such as foundations and grid
connection, there is considerable variation between
countries, ranging from around 32 per cent of total
turbine costs in Portugal to 24 per cent in Germany,
21 per cent in Italy and only 16 per cent in Denmark.
However, costs vary depending on turbine size as well
as the country of installation.
The typical ranges of these other cost components
as a share of total additional costs are shown in
Table III.1.2. In terms of variation, the single most
important additional component is the cost of grid
connection, which, in some cases, can account for
almost half of the auxiliary costs, followed by typi-
cally lower shares for foundation cost and the cost of
the electrical installation. Thus these auxiliary costs
may add signiﬁ cant amounts to the total cost of the
turbine. Cost components such as consultancy and
land usually only account for a minor share of the addi-
tional costs.
The main parameters governing wind power economics
include:
investment costs, such as auxiliary costs for foun-
•
dation and grid connection;
operation and maintenance costs;
•
electricity production/average wind speed;
•
turbine lifetime; and
•
discount rate.
•
The most important parameters are turbine electri-
city production and investment costs. As electricity
production depends to a large extent on wind condi-
tions, choosing the right turbine site is critical to
achieving economic viability.
INVESTMENT COSTS
The capital costs of wind energy projects are domi-
nated by the cost of the wind turbine itself (ex-works).
1
Table III.1.1 shows the typical cost structure for a 2 MW
turbine erected in Europe. An average turbine installed
Table III.1.1: Cost structure of a typical 2 MW wind turbine
installed in Europe (2006-€)
Investment (
€
1000/MW)
Share (%)
Turbine (ex-works)
928
75.6
Foundations
80
6.5
Electric installation
18
1.5
Grid connection
109
8.9
Control systems
4
0.3
Consultancy
15
1.2
Land
48
3.9
Financial costs
15
1.2
Road
11
0.9
Total
1227
100
Note: Calculations by the author based on selected data for European wind turbine
installations.
Source: Risø DTU
WIND ENERGY - THE FACTS -
COST OF ON-LAND WIND POWER
201
Figure III.1.1: Total investment cost, including turbine, foundations and grid connection, shown for different turbine sizes and
countries of installation
2006
1600
1400
1200
1000
800
600
400
200
0
Source: Risø DTU; based on data from the IEA
For a number of selected countries, the turbine and
auxiliary costs (foundations and grid connection) are
shown in Figure III.1.2.
TRENDS INFLUENCING THE COSTS
OF WIND POWER
In recent years, three major trends have dominated
the development of grid-connected wind turbines:
1. Turbines have become larger and taller – the aver-
age size of turbines sold on the market has increased
substantially.
2. The efﬁ ciency of turbine production has increased
steadily.
3. In general, the investment costs per kW have
decreased, although there has been a deviation
from this trend in recent years.
Table III.1.2: Cost structure for a medium-sized wind
turbine
Share of total
cost (%)
Typical share of
other costs (%)
Turbine (ex-works)
68–84
n/a
Foundation
1–9
20–25
Electric installation
1–9
10–15
Grid connection
2–10
35–45
Consultancy
1–3
5–10
Land
1–5
5–10
Figure III.1.3 shows the development of the average-
sized wind turbine for a number of the most important
wind power countries. It can be observed that the annual
average size has increased signiﬁ cantly over the last
10–15 years, from approximately 200 kW in 1990 to
Financial costs
1–5
5–10
Road construction
1–5
5–10
Note: Based on a limited data selection from Germany, Denmark, Spain and the
UK, adjusted and updated by the author.
Source: Risø DTU
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