In this work, wind analysis and economic analysis are proposed
to assess the wind energy potential for installation of wind turbines.
The central region of Thailand is investigated as a potential
area for electrical energy production from wind energy. Three sites
of wind masts, which are located at Ratchaburi (S1), Pathum Thani
(S2), and Saraburi (S3), are chosen to measure wind speed and
wind direction at heights of 65 m, 90 m, and 120 m for one year.
The wind data are reported as the statistical distribution models
of wind. In this region, the annual mean wind speed is about
3–5 m/s and likely strong during nighttime. The wind frequently
blows along a southwest direction according to the influences of
the southwest-northeast monsoons. The data of wind measurement
is applied to determine the annual energy productions by different
wind turbines. For each site, the wind turbine VestasTM V60
850 kW yields the highest capacity factor due to the lowest cut-in
wind speed among other wind turbines. The corresponding annual
energy productions are determined as 601 MWh, 735 MWh, and
1030 MWh at heights of 120 m for the sites S1, S2, and S3, respectively.
Site S3 has the highest potential of wind energy generation
among all sites. Feasible projects of wind turbine installations at all
sites determine the most recommended wind turbine for maximum
financial gains of the net present value. Also, reduction of fossil
fuel consumption and carbon dioxide generation are obtained.
Among the wind turbines studied in this work, the VestasTM V60
850 kW wind turbine is one of the most suitable wind turbines
to make the project feasible, with great benefits according to the
financial indices. Although the rated wind speed, the rated power,
and the cut-off wind speed affect the financial viability in general,
the wind turbines with low cut-in wind speed can be strongly
recommended for weak and moderate wind resources as observed
in this study. Furthermore, uncertainty of financial indices in economic
analysis is investigated under variance of parametric inputs
within confidence intervals. The aim is to build confidence on the
level of accuracy in assessing wind energy resource. It can be seen
that the annual energy production has the highest impact on the
uncertainty of the net present value among other financial parameters.
Therefore, the confidence interval of the annual energy production
is to be taken in account mostly as required. Accordingly,
some parts of the central region of Thailand are feasible to invest
in wind farms. It can be recommended that wind energy combined
with other renewable energy such as solar energy should be considered,
to maximize benefits in real situations of local wind
conditions.