 Asset management strategies for wind turbines: keeping or retrofitting existing wind turbines?Suna Cinar, Saeed Rubaiee and Mehmet Bayram Yildirim International Journal of Operational Research, 2021, vol. 40, issue 3, 318-341 Abstract: 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. Keywords: wind turbine; mixed-integer linear programming; asset management; retrofitting; optimisation. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijores:v:40:y:2021:i:3:p:318-341 Access Statistics for this article More articles in International Journal of Operational Research from Inderscience Enterprises Ltd |
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