Life cycle cost modelling and economic analysis of wind power: A state of art review

Liu, Junbo; Song, Dongran; Li, Qingan; Yang, Jian; Hu, Yang; Fang, Fang; Joo, Young Hoon

doi:10.1016/j.enconman.2022.116628

Cited by 56 publications

(16 citation statements)

References 157 publications

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“…With this approach, it is possible to evaluate the overall long-term economic efficiency and make the optimal strategic choice from a financial perspective (Bui et al, 2022;Kumari et al, 2022;Leiva-Maldonado et al, 2023). Specifically, for projects characterized by long product life cycles and substantial maintenance expenses, such as SP, LCC proves to be a suitable method (Colarossi and Principi, 2023;Huo et al, 2017;Liu et al, 2023).…”

Section: Methodsmentioning

confidence: 99%

A life cycle cost analysis of different shore power incentive policies on both shore and ship sides based on system dynamics and a Chinese port case

Gu,

2024

Environ Sci Pollut Res

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Shore power (SP) is widely recognized as an efficient strategy for reducing air pollution in port areas. Unfortunately, the adoption of SP has been relatively low, resulting in limited emission reductions and financial losses. To address these challenges, this paper focuses on enhancing the utilization rate of SP. We propose a system dynamics model that assesses the impact of various incentive policies on the economic and environmental benefits of SP. The model considers the life cycle cost and comprises four subsystems. By conducting a case study on Nansha Port, we find that price subsidies are more effective than construction subsidies in overcoming economic barriers. Furthermore, we observe that the overall economic benefits only increase when the electricity price decreases. This is because lowering the electricity price enhances the profitability of ships without negatively affecting port revenue.Additionally, it is the proportion of the electricity price and service price that determines the overall economic benefits, rather than the SP price itself. Hence, it is recommended to provide preferential subsidies for the electricity price.

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Section: Methodsmentioning

confidence: 99%

A life cycle cost analysis of different shore power incentive policies on both shore and ship sides based on system dynamics and a Chinese port case

Gu,

2024

Environ Sci Pollut Res

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“…Converting a fault tree into a BN offers a clearer and more convenient approach. The correspondence between the bottom events, intermediate events, top events, and logic gates in the fault tree and the nodes and logical connections between nodes in the BN are as follows: (1) The bottom events of the fault tree correspond to the root nodes in the BN; (2) Intermediate events correspond to non-root nodes, and top events correspond to leaf nodes; (3) The input-output relationship of AND and OR gates in the fault tree corresponds to the direction of directed edges in the BN. By using the above correspondences, the fault tree is converted into a BN.…”

Section: Bn Modeling Methodsmentioning

confidence: 99%

“…With the continuous improvement of integrated utilization technologies for renewable energy, wind energy, alongside solar energy, has become a major source of renewable energy. To further enhance the utilization rate of wind resources and energy capture efficiency, the wind power industry is trending towards the construction of larger units and the development of wind power projects in areas with high altitude, low wind speed, and distant offshore locations [1]. The high demand for reliability in the wind power industry is reflected in the safety analysis of wind turbine units, and research on engineering safety is critical not only during the operation and maintenance phase but also during the preliminary design and construction phases to ensure the safety of the engineering systems.…”

Section: Introductionmentioning

confidence: 99%

Causal Analysis of Accidents During Wind Power Engineering Construction Using Bayesian Networks

Zhang,

Zheng

2024

IJSSE

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To investigate the causes of accidents during the construction phase of wind power projects and to prevent their occurrence, this study draws on accident investigation reports and the "2-4"Model to summarize unsafe behaviors and actions. It selects causative variables from four aspects: human, equipment, environment, and management. Integrating fault tree analysis, a Bayesian network (BN) model for analyzing the causes of accidents during wind power engineering construction is constructed using the BN software, GeNie. The model undergoes structural and parameter learning, calculating the conditional probability distribution and posterior probabilities of each node. Through variable sensitivity and analysis of the most significant causative chains of accidents, the key factor paths leading to accidents are identified, contributing to reducing the accident rate during the construction phase of wind power projects. The results indicate that inadequate personal protection and violations of regulations are prevalent among human factors. In terms of management factors, insufficient safety management and supervision are the main contributors to accidents, with a probability value exceeding 70%. Geological conditions, road conditions, limited workspace, exceptional environmental changes, proximity to energized machines, and safety protection equipment failures are significant factors in accidents during the construction phase.

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“…The advancement in transformer condition-based maintenance, and the scientific and economic management of transformers are intricately linked to the examination of transformer failure rates and the analysis of the life cycle cost of transformers [9]. Electric power construction not only needs to consider the initial construction cost of the project, but also needs to comprehensively consider the operation and maintenance costs [10]. On the basis of ensuring power supply safety and reliability, investment costs should be minimized to the greatest extent possible [11].…”

Section: Introductionmentioning

confidence: 99%

Life Cycle Cost Estimation and Analysis of Transformers Based on Failure Rate

Zhao,

Gui,

Chen

et al. 2024

Applied Sciences

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Transformers, as the hub equipment of the power system, are highly valued by engineering and scientific researchers in production practice and scientific research. The goal of transformer research is to ensure the safe operation of transformers while considering their economic benefits, arrange transformer inspections reasonably to reduce inspection costs, and save labor and maintenance costs reasonably. This study first provides a brief analysis of the life cycle cost of transformers. The life cycle of transformers is divided into initial cost, operating cost, maintenance cost, fault cost, and scrap cost. Based on the distribution of transformer failure rate, the corresponding life cycle cost of transformers is calculated. Taking 110 kV transformers as an example, the differences in the impact of key factors on the full life cycle cost are analyzed to achieve high quality, high reliability, economically optimal equipment procurement.

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Life cycle cost modelling and economic analysis of wind power: A state of art review

Cited by 56 publications

References 157 publications

A life cycle cost analysis of different shore power incentive policies on both shore and ship sides based on system dynamics and a Chinese port case

A life cycle cost analysis of different shore power incentive policies on both shore and ship sides based on system dynamics and a Chinese port case

Causal Analysis of Accidents During Wind Power Engineering Construction Using Bayesian Networks

Life Cycle Cost Estimation and Analysis of Transformers Based on Failure Rate

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