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dc.contributor.authorCinar, Suna
dc.contributor.authorRubaiee, Saeed
dc.contributor.authorYildirim, Mehmet Bayram
dc.identifier.citationCinar, 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.2021.114302en_US
dc.descriptionClick on the DOI link to access the article (may not be free).en_US
dc.description.abstractIn 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.en_US
dc.description.sponsorshipThis material is partially based upon work supported by the US Department of Energy (DOE) under Award Number DE-EE0007719en_US
dc.relation.ispartofseriesInternational Journal of Operational Research;Vol. 40, Iss. 3
dc.subjectWind turbineen_US
dc.subjectMixed-integer linear programmingen_US
dc.subjectAsset managementen_US
dc.titleAsset management strategies for wind turbines: Keeping or retrofitting existing wind turbines?en_US
dc.rights.holder© 2021 Inderscience Enterprises Ltd.en_US

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