IMPROVING DECISIONS IN WIND POWER SIMULATIONS USING MONTE CARLO ANALYSIS

Computer simulations designed to predict technical and financial returns of wind turbine installations are used to make informed investment decisions. These simulations used fixed values to represent real-world variables, while the actual projects can be highly uncertain, resulting in predictions that are less accurate and less useful. In this article, by modifying a popular wind power simulation sourced from the American Wind Energy Association to use Monte Carlo techniques in its calculations, the authors have proposed a way to improve simulation usability by producing probability distributions of likely outcomes, which can be used to draw broader, more useful conclusions about the simulated project.