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

During the past decade, wind power generation has been rapidly developed. As a key component of feasibility analysis, the cost modelling and economic analysis directly affect the construction of wind power projects. This review attempts to explain the whole life cycle composition, economic analysis method and cost modelling process of wind power from a macro perspective, and summarizes the differences in cost composition and modelling among different types of wind farms and the applicability of different economic analysis methods and evaluation indicators. During this process, the relationship between life cycle and investment is explored, as well as the potential ways to improve the accuracy and reliability of life cycle economic assessment from the aspects of uncertainty analysis and prediction algorithm application. On this basis, some discussions are made on the prospect and potential improvements of whole life cycle cost modelling and economic analysis of wind power under the development trend of large-scale units, high-altitude and deep-sea construction. Furthermore, comparisons are made in terms of the modelling methods, evaluation indicators, uncertainty analysis methods and prediction methods, which could guide the selection of relevant methods and indicators in the process of economic analysis of wind power projects. Finally, some suggestions on achieving accurate and reliable economic evaluation of wind power in different regions and environments are given, providing reference value for improving economic efficiency of wind farms.