(i) the average generation price of electricity in Canary Islands is
high (223.91 €/MWh in 2013 [5]);
(ii) the average capacity factor of the wind farms in Tenerife is
above 20% (22.1% in 2013, own elaboration based on [6]) and
all wind mills were installed before 2004. Then, all wind mills
offer capacity factors below the potential offered by new wind
mills available in the market. Consequently, as the levelized
cost of electricity (LCOE) from wind resources has reached 15–
91 €/MWh in 2013 [7] (2013 average 1 €¼1.3281 $ [8]), grid
parity for wind energy in Tenerife has been achieved; and
(iii) in Tenerife average global irradiance can be larger than
1971 kWh/m2 year (average global irradiance for the capital
of Tenerife in the period 1983–2005 [9]) in the areas where
multi-MW PV plants are installed, and the average cost for
utility-PV systems in 2013 was 1.51 €/Wp [10]. Hence, PV grid
parity has been achieved as the LCOE from PV systems can be
considered below 0.08 €/kWh [11].