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

The energy transition toward low-carbon sources necessarily involves the integration of large-scale electricity generation from renewable resources. Due to land area restrictions, several countries will face limitations to their solar photovoltaic energy generation potential. In this way, wind energy will gain more relevance. As large-scale wind generation projects involve high complexity and capital cost, the economic analysis of these investments becomes fundamental. This study provides state-of-the-art in the literature on the economic feasibility of wind energy generation through a systematic literature review. In particular, this chapter evidences the growing interest in evaluating the technical-economic viability of wind power generation systems and highlights that, in recent years, research involving investment in offshore wind energy has gained prominence. Within the analyzed articles, there was a concentration of interest in China, Turkey, the United Kingdom, Spain, the United States, Iran, and Brazil, opening up a wide range of study opportunities to assess the economic viability of wind power generation in other locations. Furthermore, international collaborative research is still not widespread and should be encouraged. The mathematical modeling of financial responses and the quality and reliability of the network and its optimization in multiobjective models emerges as a possible point to be further explored in the literature that involves the economic analysis of the generation of wind energy. Finally, some relevant economic parameters such as net present value, (NPV),internal rate of return, weighted average capital cost, and capital asset pricing model do not appear among the most relevant terms in the analyzed sample, which may indicate a gap in the literature to be explored.