The System Value Analysis of Wind Power under the Context of Considering Externality

The research on the value of wind power mainly focuses on the economy of the project, ignoring the system value of wind power. Based on the LCOE (Levelized Cost of Energy), this paper compares the economy among the project, the Reserve Capacity Cost, the Reserve Capacity Cost and Environmental Benefit, in order to calculate the value of wind power to the investors, the power system and the whole society. The result shows that with the decrease of the cost of installed capacity, the value of wind power system to the whole society is more significant, and the positive effect of wind power due to environmental benefits is higher than the negative effect of reserve capacity.