Economic feasibility of large community feed-in tariff-eligible wind energy production in Nova Scotia |
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| Affiliation: | 1. Department of Business and Social Sciences, Dalhousie University (Agricultural Campus), P.O. Box 550, Truro, Nova Scotia, Canada B2N 5E3;2. Department of Engineering, Dalhousie University (Agricultural Campus), P.O. Box 550, Truro, Nova Scotia, Canada B2N 5E3;1. Centre de Biologie et de Pathologie Est, Département de Biochimie et Biologie Moléculaire, GHE, Hospices Civils de Lyon, F-69677, Bron Cedex, France;2. Univ-Lyon, CarMeN Laboratory, Inserm U1060, INRA U1397, Université Claude Bernard Lyon 1, INSA Lyon, F-69100, Villeurbanne, France;3. Centre de Biologie Sud, Laboratoire de Biochimie Moléculaire et Métabolique, Hospices Civils de Lyon, Centre Hospitalier Lyon-Sud, F-69310, Pierre-Bénite, France;4. Fédération d''endocrinologie, Maladies Métaboliques, Diabète et Nutrition, Hôpital Louis Pradel, Hospices Civils de Lyon, F-69677, Bron Cedex, France;5. CENS, Centre de Recherche en Nutrition Humaine Rhône-Alpes, F-69921, Oullins Cedex, France;1. Division of Plastic and Hand Surgery, University Hospital Zurich, Switzerland;2. Institute for Chemical and Bioengineering, Department of Chemistry and Applied Biosciences, ETH Zurich, CH-8093 Zurich, Switzerland;3. Division of Trauma Surgery, University Hospital Zurich, Switzerland;4. Division of Thoracic Surgery, University Hospital Zurich, Switzerland;1. QGASLAB, Department of Mathematics, University of Cape Town, Rondebosch 7701, Cape Town, South Africa;2. CAMGSD, Departamento de Matemática, Instituto Superior Técnico, Av. Rovisco Pais, 1049-001 Lisboa, Portugal;3. Institute of Physics, Jagiellonian University, Ul. ?ojasiewicza 11, 30-348 Kraków, Poland;1. Central Siberian Botanical Garden, Siberian Branch, Russian Academy of Sciences, Novosibirsk;2. Voevodsky Institute of Chemical Kinetics and Combustion, Siberian Branch, Russian Academy of Sciences, Novosibirsk;3. Budker Institute of Nuclear Physics, Siberian Branch, Russian Academy of Sciences, Novosibirsk |
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| Abstract: | Nova Scotia, Canada's community feed-in tariff (COMFIT) scheme is the world's first feed-in tariff program specifically targeting locally-based renewable energy projects. This study investigated selected turbine capacities to optimize electricity production, based on actual wind profiles for three sites in Nova Scotia, Canada (i.e., Sydney, Caribou Point, and Greenwood). The turbine capacities evaluated are also eligible under the current COMFIT-large scheme in Nova Scotia, including 100 kW, 900 kW and 2.0 MW turbines. A capital budgeting model was developed and then used to evaluate investment decisions on wind power production. Wind duration curves suggest that Caribou Point had the highest average wind speeds but for shorter durations. By comparison, Sydney and Greenwood had lower average wind speeds but with longer durations. Electricity production cost was lowest for the 2.0 MW turbine in Caribou Point ($0.07 per kWh), and highest for the 100 kW turbine located in Greenwood ($0.49 per kWh). The most financially viable wind power project was the 2.0 MW turbine assumed to operate at 80 m hub height in Caribou Point, with NPV=$251,586, and BCR=1.51. Wind power production for the remaining two sites was generally not financially feasible for the turbine capacities considered. The impact of promoting local economic development from wind power projects was higher in a scenario under which wind turbines were clustered at a single site with the highest wind resources than generating a similar level of electricity by distributing the wind turbines across multiple locations. |
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| Keywords: | Capital budgeting Economic performance Wind energy |
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