Presentations

Abstract

This paper presents a new wind turbine design metric, the Annual Energy Production Value (AEPV), that considers the negative correlation between energy production and market prices in open-market grids with high wind energy penetration. By incorporating realistic information on expected hourly energy price and production into design optimisation, AEPV provides a more practical revenue-optimisation metric than the traditional Annual Energy Production (AEP). We illustrate this by comparing the revenues of wind turbines operating under the same wind climates but in different electricity markets. The results demonstrate significant revenue discrepancies between markets despite having the same average electricity price. The study concludes that more than optimising for specific wind climates alone is required; future wind turbine designs must also account for the specific energy market conditions. The AEPV metric facilitates this shift towards market-responsive wind turbine designs, aligning with industry trends towards higher capacity factors and lower power production.