Asset management strategies for wind turbines: Keeping or retrofitting existing wind turbines?
Yildirim, Mehmet Bayram
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Cinar, S., Rubaiee, S., & Yildirim, M. B. (2021). Asset management strategies for wind turbines: Keeping or retrofitting existing wind turbines? International Journal of Operational Research, 40(3), 318-341. doi:10.1504/IJOR.2021.114302
In this study, a parallel replacement problem with retrofitting (PRP-R) model is proposed to determine the trade-off between retrofitting and replacing an asset. The primary objective is to identify the replacement, maintenance and retrofitting schedule that optimise purchasing new assets, operation and maintenance (O&M) cost, and retrofitting cost under budget and production constraints resulting in a mixed-integer linear programming formulation. This model is applied to a case study of energy industry involving wind turbines (WTs). Results show that due to a lower O&M cost, retrofitting is less costly than keeping the WTs. In addition, the effects of key parameters such as O&M cost, retrofitting cost, budget allocated for retrofitting and governmental subsidy on the optimal replacement policy on total cost are studied. This research contributes a model that can be used to determine if WT retrofitting is economically justified and provides a rigorous analytical framework for optimising the decision-making process over the wind farm life cycle.
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