Economic analysis of wind power development in coastal regions of Tasmania

This paper presents the results of a study conducted to develop a novel approach to optimize a wind farm for an improved economic analysis of wind energy production. This study performs an extensive simulation to compare the energy production with different turbine technologies under varying wind speed scenarios. The simulation of this study can be used for any location in the world, but focus of this paper is the coastal regions of Tasmania using the location's 10-year average wind speed. The proposed approach performs a financial feasibility and profitability study and, consequently, improves the gain of the wind energy from wind farm.