A Comprehensive LCOE Estimation Method for Wind Power based on Weibull Distribution

Wind power is a fast-growing and dominant renewable energy that has attracted attention of many researchers and institutions because it is a cleaner and more economic way of electricity generation. With the advances in wind power technology and its consequent widespread application, the economics of new wind power generation technologies has become a hot topic of research in the real-world industry. The levelised cost of electricity (LCOE) is a widely used metric in this field to measure the cost of electricity generation and can be modified and applied to renewable generation technologies. In this paper, the definition of LCOE is presented in a comprehensive manner dedicated to the estimation for wind power in various scenarios. In addition, since LCOE is relevant to the annual energy production (AEP) of a power plant, this paper also proposes a wind speed simulation model based on Weibull distribution to make AEP estimation more appropriate in the real-world industrial applications.