Using machine learning methods for long-term technical and economic evaluation of wind power plants

The depletion of hydrocarbon reserves and the impact of global warming have posed significant challenges to the continued use of fossil fuels. Consequently, renewable energy sources have garnered substantial attention, with some countries now deriving a significant portion of their total energy needs from these alternatives. Among renewable sources, wind energy has been recognized as one of the most accessible and clean. However, it is imperative to evaluate wind power plants both technically and economically. This involves calculating the levelized cost of energy in comparison to fossil-based energy sources and predicting the minimum and maximum energy output over the long term. Achieving this requires long-term forecasts of wind speeds at specific locations, which involve complex mathematical modeling and computations typically performed by supercomputers. In this study, a data-driven machine learning model has been employed to predict wind speeds in Calgary over a 25-year period with minimal CPU time. Throughout the power plant's operational life, the optimal model was also used to calculate the annual energy production. The hybrid CNN-LSTM model demonstrated superior accuracy based on model accuracy metrics. Consequently, the levelized cost of energy produced by the plant was calculated at $0.09 per kWh, which is competitive within the Canadian electricity market. The investment reached a breakeven point in approximately six years, which is deemed acceptable.