Economic analysis of the wind energy generation: overview and current perspectives

Abstract

. The transition to a low-carbon economy necessarily involves the implementation of large-scale electricity generation from Renewable Energy (RE) sources [1], which now account for around 30% of electricity generation in the world [2]. In this context, developing countries will play a key role as they present the best environmental conditions for generating electricity through RE sources and have the highest rate of growth in demand for electricity [3]. Wind and solar generation have consolidated their predominance in current investments so that electricity from RE sources is now the cheapest power option in most regions of the world [4]. Given the current high fossil fuel prices, renewable electricity has become even more competitive [5]. RE sources are fast becoming the cornerstone of the global electricity sector. In a carbon-neutral economy scenario for 2050, the share of RE sources in electricity generation will correspond to approximately 90%, with almost 70% of electricity being from wind and solar photovoltaic energy. However, several countries will face limitations to their solar photovoltaic energy generation potential due to land area restrictions [6]. In this way, wind energy will gain even more relevance in some countries, such as European ones, which will have to implement other sources of clean energy [7]. Due to the complexity and high capital costs involved in large-scale wind power generation projects, the economic analysis of these investments becomes fundamental, indicating the need to use management and risk analysis tools to reduce the possible impacts for investors [8]. Indeed, finding a suitable investment strategy is central to determining success in wind farm investments. Identifying the main characteristics in the previous studies, such as the technology adopted, the region or country studied, and the methods and financial criteria adopted in the studies, can serve as guidelines for researchers, investors, and other stakeholders interested in this type of technology. This reinforces the