Wind Power Companies Research Articles

Unlocking wind power potential: The pivotal role of R&D investment in boosting wind power enterprise performance

Boosting the core competitiveness and operational efficiency of enterprises while minimizing costs through strategic R&D investments is crucial for the advancement of wind power companies. This paper examines data from listed wind power enterprises from 2015 to 2023 and develops a detailed multiple linear regression model for comprehensive analysis. Goldwind Science & Technology Co., Ltd. is used as a case study. The paper explores the impact of R&D investment on wind power enterprise performance through empirical and case analyses, revealing several key insights. First, both R&D intensity and per capita R&D investment positively affect wind power enterprise performance, with R&D intensity having a more substantial impact. Second, the case study of Goldwind demonstrates a clear positive correlation between R&D intensity, per capita R&D investment, and corporate performance. Third, the impact mechanism analysis shows that increased R&D investment enhances Goldwind's technological advancements, leading to new products that meet market demand and improve enterprise performance. Based on these findings, the paper proposes policy recommendations, including increasing R&D investment and recruiting more scientific researchers.

A Tailored Derivative Instrument to Mitigate the Price-and-Quantity Risk Faced by Wind Power Companies

The intermittent nature of wind generation combined with the well-known volatility of electricity spot prices expose Wind Power Companies (WPCs) committed to long-term forward contracts to the so-called price-and-quantity risk. Several instruments were designed in the past years to mitigate this risk exposure. However, most of them were mainly constructed to cope with only one of its parts, i.e., price or generation uncertainty. To tackle this issue, in this work, we propose a tailored derivative instrument for WPCs leveraging the principles of options and renewable indexes. The effectiveness and attractiveness of the proposed instrument, referred to as the Wind-Indexed Option (WInd-Op), are evaluated with real data from the Brazilian sector through an equilibrium setup. We show that Solar Power Companies (SPCs) can be relevant candidates to back these derivatives. Additionally, when compared to the traditional put-and-call options as a benchmark, results indicate that the equilibrium obtained with the new derivative exhibits a significantly higher traded volume (2.9 times greater), lower premium prices (54.7% lower), and greater welfare gain (2.7 greater).

Optimizing integrated energy systems using a hybrid approach blending grey wolf optimization with local search heuristics

Integrated energy systems play a crucial role in the transition to sustainable energy solutions, requiring a delicate balance between economic efficiency and reliability. Energy storage and demand response are pivotal components for managing power fluctuations and optimizing consumption. This paper introduces a hybrid approach that combines Grey Wolf Optimization (GWO) with Local Search Heuristics (GWOLSH) to achieve optimal energy system configurations. The approach formulates a hybrid energy storage capacity allocation method that considers the needs of wind power companies and users. It begins by constructing load-shifting and load-reduction models based on flexible user-side load response characteristics. In a comparative analysis, GWOLSH exhibits superior performance over WSO and PSO, evidenced by achieving a lower cost reduction of 330,595 USD (GWOLSH) compared to 344,974 USD (WSO) and 350,694 USD (PSO), along with higher percentage improvements in system stability (0.38 % for GWOLSH, 0.39 % for GWO, and 0.40 % for Particle swarm optimization (PSO)) and greater user satisfaction levels (0.8985 for WSOLSH, 0.8930 for GWO, and 0.8928 for PSO). This hybrid configuration proves effective in enhancing both economic efficiency and system reliability, offering a promising solution for maintaining a consistent power supply amid fluctuations, identifying energy system configurations that enhance economic efficiency while bolstering system reliability to ensure a consistent power supply amid fluctuations.

Subsidies and tax incentives - Does it make a difference on TFP? Evidences from China's photovoltaic and wind listed companies

Under potent policy support, China's photovoltaic (PV) and wind power industries have scored remarkable achievements. However, the mechanism of how the policy remains controversial. Based on the data of 62 listed companies from 2007 to 2020, this study constructs fixed-effect models and PSM models to investigate the effect of government subsidies and tax incentives on the technical efficiency of China's PV and wind power companies, as well as the role of R&D investment and operation efficiency. The results indicate that government support policies have a different impact on the companies' technical efficiency. Subsidies have significant inhibitory effects on technical efficiency by squeezing out private R&D investment. Meanwhile, tax incentives boost technical efficiency and operation efficiency recur to a mediating role. Based on these results, some valuable suggestions for improving the government policy mechanism of the photovoltaic and wind power industry are proposed.

The pricing method for abandoned wind power contract between wind power enterprises and desalination plants in bilateral transactions

In Northeast China’s electric power auxiliary service market, guiding interruptible load users to participate in bilateral transactions is an effective measure to ease the difficulty of grid peak regulation and improve the utilization rate of wind power. Aiming at the lack of theoretical guidance in the current bilateral transactions, this paper proposes a two-stage pricing (TSP) method. Firstly, the freshwater supply and demand balance model of the desalination plant is constructed. The upper-level optimization model of bilateral transaction for profit maximization of the desalination plant is constructed. Then, considering the profit distribution among transaction parties and constraints on wind power utilization, a low-level calculation model of wind power pricing is constructed. Finally, the TSP method is applied to the numerical analysis of bilateral transaction between a desalination plant and a wind power company. The TSP method jointly optimizes the dispatching scheme between the variable speed pump and the water storage tank of the desalination plant. Under the constraints of reasonable profit distribution and wind power utilization, the transaction price finally converges to a range acceptable to both parties. The TSP method can effectively improve the utilization rate of wind power and optimize the flexibility of energy utilization. • A detailed mixed-integer linear programming (MILP) model is developed for desalination plants. • A model for seawater desalination plants to participate in bilateral trading markets is proposed. • A TSP method for calculating the price of bilateral transactions is proposed. • The TSP method can effectively optimize the flexibility of energy utilization.

Research on wind power industrial policies' functional mechanism to the quality of enterprise innovation.

The transmission effect of industrial policies on the quality of innovation of micro-enterprises is a central concern that attracts current academics and policy makers. Using the 2004-2019 data of A-shares of listed companies in Shanghai and Shenzhen, as well as the policies issued by Chinese ministries and departments at the ministry level and above, this paper empirically investigates the impact and mechanism of industrial policies on the innovation quality of wind power companies. The research results demonstrate that policies all play a significant role in promoting the quality of enterprise innovation of wind power. The intermediary role of credit financing of enterprises between different types of industrial guidelines and the quality of corporate innovation is different. Executive equity incentives positively moderate the relationship between different types of industrial policies and corporate credit financing and effectively weaken the adverse effects of regulatory policies, and it can also significantly enhance the role of policies in promoting the quality of corporate innovation. Finally, this paper gives targeted policy recommendations for the development of new energy industry innovation in China and similar countries and regions from the perspective of government and enterprise.

Predicting wind power generation using machine learning and CNN-LSTM approaches

Wind power has grown significantly over the last decade regarding its combability with emission targets and climate change in many countries. A reliable and accurate approach to wind power forecasting is critical for power system operations and day-to-day grid functioning. However, regarding to the nonstationary nature of wind power series, classic forecasting methods can hardly provide the desired accuracy and cause risks and uncertainties for system operation, which substantially affects how wind power companies make energy market decisions. This study proposes novel algorithmic approaches utilizing machine learning techniques to predict wind turbine power. Applied algorithms include extremely randomized trees, light gradient boosting machine, ensemble methods, and the CNN-LSTM method. Based on the provided results, the lowest mean square error value is related to the CNN-LSTM method, indicating that this method is more accurate. Also, the ensemble method provides admissible results despite the high speed of the algorithm.

Measuring the environmental efficiency of the investment for offshore wind power site in Taiwan

Many of the studies is based on parameters with the requirement of pre-estimation and huge function clause format. But in the proposed method, no pre-estimation is required and there is no need to establish a functional relationship between the described and dependent variables. This research investigates the environmental performance and the factors affecting the environmental performance of offshore wind energy companies in Taiwan using super-efficiency data envelopment analysis (SE-DEA) and Tobit regression model, respectively. SE-DEA model was theoretically used in the first step of analysis, followed by Tobit model in the second step. The study was based on 2019 cross-sectional data obtained from seven locations of Taiwan including Songshan, Taoyuan, Nantou, Zhongzheng, Xinyu, and Changhua. It was found that offshore wind power companies in Taiwan had an average environmental efficiency score of 1.8953, which was very high. Moreover, this performance score could be further increased by improving the factors that affected the efficiency. Such factors included age of company, numbers of internal boards, number of shareholders, research and development, ISO 45,001, government policy, personnel quality, and wind speed. Increase in number of shareholders resulted in higher technical efficiency by a significant level at 1%. When the number of internal boards increased 2.20 %, the efficiency score increased up to 100 %. Amount of research and development factors increased by 12.16 %, the effective score was 100 %, with a 5% prioritization with a positive coefficient front sign. This shows how much the company has research and development relating to offshore wind power. Higher amount of research and development resulted in higher technical efficiency. When I.S.O 45,001 factor increased by 41.94 %, the effective score was 100 %, with a 1% significant level and a positive coefficient front mark. The government policy increased the technical efficiency by a significant level at 1%. When government policy increased to 36.54 %, the efficient score enhanced up to 100 %. The factor quality personnel showed positive signs. Increasing number of qualified personnel enhanced the technical efficiency, with the efficiency level at 25.23 %. The factor wind speed had a positive coefficient, corresponded with the hypothesis. Increase in wind speed leaded to higher technical performance score, with a focus of 5%. When wind speed rose to 2.98 %, the efficiency score increased up to 100 %. The best environmental performance was of Wpd Taiwan Energy Co., Ltd company which had the highest score of 3.2521, while the Copenhagen Infrastructure Partners Association company had the lowest score of 0.9136, indicating the worst environmental efficiency. Inefficient companies can improve their environmental efficiency based on their efficiency scores and ratings in order to be a leading offshore wind power facility in Taiwan.

Dilemmas of R&D investment risks and sustainability in the clean-tech economy: Evidence from Nasdaq clean edge index components

ABSTRACT Clean energy companies often require more costly investment in technology innovation than traditional energy companies, which poses higher technological risks. Therefore, many inconclusive debates have arisen concerning whether the R&D investment can generate sustained returns for such companies. This paper adopts progressive modeling steps to address the problem by using a modified Cobb-Douglas production function, System Generalized Method of Moments (SYS-GMM) approach, and fixed-effect panel threshold model. The role of R&D investment; the non-linear relationship between revenue, innovation, efficiency, and risk; as well as the corresponding threshold effects in clean and traditional energy companies are analyzed. 840 firm-year observations of clean energy companies from the NASDAQ Clean Edge Index are collected and screened, and compared with 280 firm-year observations of listed traditional energy companies in the U.S. Moreover, four types of clean energy companies, comprising green energy, wind power, water, and smart grid companies, are calculated and summarized separately. The results show that, for clean energy companies, long-term R&D intensity is beneficial to returns, shortening the cash conversion cycle (CCC) value, and reducing the financial leverage can produce a positive effect on return on assets (ROA), while different types of clean energy companies are advised with tailor-made portfolio strategies. For traditional energy companies, controlling the financial leverage while properly increasing CCC can help improve their ROAs. In this context, policy recommendations are provided for stakeholders to optimize their investment strategies in various clean and traditional energy enterprises according to the time-lag effect and threshold effect.

Blowing in the Wind—Norwegian Wind Power Photographs in Transition

ABSTRACT With the growing awareness about the impact of images in climate change communication, wind turbine images are largely associated with positive and solution-oriented actions. This article questions if this is inherently so. Empiric material from the Norwegian media coverage of land-based wind power plants in 2018 and 2020 suggests that wind power images are transitioning from green icons to more ambiguous and sometimes downright threatening representations. The visual transformation is particularly salient in the growing body of photojournalistic images, as opposed to photographs from commercial sources such as news agencies and wind power companies. In addition, it seems that even the symbolic meaning of wind power icons is transitioning from representing a hopeful “future perfect” to symbolizing nature degradation and political arrogance. These findings generate a call for contextual awareness when it comes to identifying visual meaning, and caution about treating “solution visuals” as ready-made tools for greater climate awareness.

Game analysis and optimization research on power structure under carbon emissions

As the installed capacity of renewable energy continues to increase, the proportion of China's renewable energy power generation has increased year by year, and carbon emissions have been effectively reduced. However, there is still a big gap between this and China's promised carbon emission reduction target. It is important to explore the coordination and optimization of power supply structure with the goal of carbon emission reduction. In the power market environment, there are conflicts of interest among wind power companies, thermal power companies, and energy storage equipment. Therefore, it is necessary to comprehensively consider their economic and environmental benefits to formulate subsidy policies. In order to solve the above problems, this paper studies the key issues of smart grid operation model, input-output efficiency, market game behavior, and policy effect simulation based on production simulation, game theory, statistics, and other theories. Finally, Matlab and Gridview were used to calculate the model results, and policy recommendations on wind power subsidies, thermal power carbon tax, and thermal power feed-in tariff were put forward. To achieve the goal of carbon emission reduction, renewable energy generation should be encouraged, and the proportion of installed capacity of wind and solar energy in the power structure should be increased. The most effective way is that the government should actively guide the subsidy mechanism into the electricity trading market. Based on the calculation results of the RTS-25 system in this article, the following policy recommendations can be put forward: within the government's financial capacity, at least 1 yuan per kilowatt-hour of wind power subsidy is provided, and the maximum of thermal power feed-in tariff is set at 0.7 yuan, and the higher the wind power subsidy and the lower the feed-in tariff of thermal power, the higher the carbon emission reduction. At the same time, a thermal power carbon tax of about 0.36 yuan per kilowatt-hour should be set. The results of this study can provide suggestions for consuming renewable energy and formulating competition rules in power market transactions. This article can be further studied. The scope of subsidy prices can be narrowed, and more precise subsidy prices that balance the benefits of various systems can be determined on the basis of this research.

The efficiency of wind power companies in electricity generation

This study analyses the assessment of the relative efficiency of electricity generation of 78 wind power companies in 12 selected European countries. The basic purpose is to identify the factors that improve the efficiency of wind power companies as important producers of renewable electricity. The Data Envelopment Analysis method was applied (input-oriented BCC model). Considering the required average improvements in input variables, different projection amounts aiming to move individual factors to the efficiency frontier, ranging from 3.6% to 10.2%. This is the first study to analyse the comprehensive performance of wind power companies including their economic and technical characteristics, which is a major divergence from previous studies and makes a significant contribution to the development of wind energy.

Development of high-precision wind, wave and current forecast system for offshore wind energy industry in Taiwan: a two-stage method of numerical simulation and AI correction

ABSTRACT At the Changhwa Fuhai wind farm, the high-resolution numerical models for wind, wave and current simulations are crucial to provide daily forecasts as a decision-support system for Taiwan’s offshore wind energy industry. In this study, the two-stage method, consisting of numerical simulation and deep-learning correction based on the observed data at Fuhai wind farm site, is implemented to further improve the meteorological and marine forecast accuracy. The recurrent neural network-long short-term memory (RNN-LSTM) model is adopted in the deep learning analytics. Currently, this system is capable of daily providing the next 4-day wind field forecast and the next 7-day wave and current field forecast. Through the testing, it is found that the error correction of wind simulations can reduce root mean square error (RMSE) by up to 36.7%. Furthermore, through adopting the SQL and HBase hybrid database system, a wide range of historical data as well as daily forecast data can be quickly queried and displayed on the web interface to provide important decision support to the relevant wind power companies in scheduling offshore construction plans, forecasting wind energy production, and arranging wind turbines’ shutdown and maintenance sequence.

Engineering Internal Control Analysis Based on AHP-FCE Taking Wind Power Enterprise as an Example

Wind power is a key development project. In recent years, the wind power industry has developed rapidly. The market needs enterprises with complete systems and higher work efficiency. Internal control is an important measure for the transparency and standardization of enterprise operations. Therefore, after implementing internal control on wind power companies, how to objectively evaluate the internal control construction of wind power companies has become a new research focus. This paper proposes a method to quantitatively evaluate the internal control of wind power enterprises. First, the internal control objectives are decomposed into multiple factor indicators, and then the internal control evaluation system of wind power enterprises is constructed, which is realized by the use of analytic hierarchy process (AHP) and fuzzy comprehensive evaluation (FCE). The calculation example shows that the quantitative evaluation method helps to find the deficiencies of the internal control of wind power enterprises, and provides a reference for the establishment and implementation of the system and the efficiency of business operation.

Research on Investment Efficiency Evaluation of Wind Power Projects under Supply-side Reform

In recent years, China’s wind power has developed rapidly, with increasing installed capacity, and it is gradually entering a stage of large-scale development, which has broad potential for future development. However, China’s wind power investment projects have low investment efficiency, which is not conducive to the healthy development of the wind power industry. Therefore, improving the overall investment efficiency of wind power projects is an inevitable direction for the development of wind power companies in the future. This paper first takes wind power projects as research objects, combines the characteristics of wind power projects, and constructs a suitable comprehensive investment efficiency evaluation model based on DEA theory. Then it conducts an empirical analysis based on the development status of power enterprises in Xinjiang of China, and combines the evaluation conclusions to promote wind suggestions on the development of investment efficiency in power generation projects.

Bilateral Coordinated Dispatch of Multiple Stakeholders in Deep Peak Regulation

Driven by high penetration renewable energy roadmaps, making full use of wind power is still an important work for wind industry and the goal of China. Considering the multiple stakeholders in power supply side and the unbalanced development of them, coordinated dispatch can maximize the wind power utilization. Deep peak regulation (DPR) market in China now has facilitated the coordination. However, wind farms in the market are involved passively for the cost sharing which is not conducive to wind farms to make full play of it advantages. Besides, the electricity of wind farm benefiting from deep peak regulation market cannot be clearly calculated. To solve this problem, a bilateral coordinated dispatch of wind power and other power generation companies (GENCOs) can be introduced in deep peak regulation. In this paper, the bilateral coordination of wind power and other GENCOs in DPR is studied. The potential economic feasible regions in bilateral coordination are analyzed and the compensation pricing ranges are given according to the individual rationality (IR) constraints. The contributions of different participants are clearly calculated using Shapley value, according to which the fair profit allocation is ensured. An affine decision rule is utilized for the simplification and fast computation. A real system in northeast China is utilized for case study to verify the potential economic feasible region. The results can provide reference for the implement and profit allocation of bilateral coordination.

Use of quality tools and techniques and their integration into ISO 9001

PurposeThe purpose of this paper is to focus on the use of quality management tools and techniques and their integration into the ISO 9001:2008 standard in a wind power (WP) sector supply chain (SC).Design/methodology/approachThe research project was carried out in 119 WP sector SC companies (i.e. component suppliers, wind turbine assemblers and wind farm operation and maintenance services) using the questionnaire method. The companies selected employ quality management systems (QMSs) which conform to the ISO 9001:2008 standard.FindingsThe survey findings reveal that the degree to which quality tools and techniques are used in the WP companies can be characterised as “high”. The results show that internal audits, flowchart diagrams and cost of poor quality are the most-commonly applied tools and techniques, although they also indicate some areas for further improvement, for instance, when using advanced and complex quality techniques such as design of experiments, quality function deployment or business process management. In addition to this, the findings reveal that ISO 9001:2008 establishes a favourable environment for the use of quality tools and techniques.Research limitations/implicationsThe study was based on the perceptions of quality managers, quality engineers and company managers (subjective data) and did not examine the reasons for either not implementing and/or the difficulties encountered while implementing quality tools and techniques.Practical implicationsThe specific findings indicate that employing quality tools and techniques is useful for managers, not only when implementing a QMS, but also when suggesting recommendations for improvement.Originality/valueA change of developing a framework integrating the main QT&T procedures into the main ISO 9001 processes.

‘…Darn Thing Just Kind of Fell Together by Itself after a While’: Exploring the Role of Official and Tactical Communication in Siting a Rural Wind Farm

The growth of wind energy in the United States has created widespread access to renewable energy for citizens in many parts of the country. But while wind holds promise for meeting 21st-century energy demands, the question of how and where to locate wind farms poses significant technical and rhetorical challenges for wind energy companies seeking access to wind resources. Securing such access typically requires companies to work closely with municipalities and private landowners through a blizzard of “official genres”—e.g., letters, contracts, emails, maps—that are developed and authorized by wind power companies in order to inform and persuade. However, the construction of a wind farm presents the possibility of significant disruption of local values and identities, economies and aesthetics. Citing research from rhetorical genre studies and interviews with landowners and stakeholders in a rural Midwestern rural community, this chapter outlines a sampling of the official discourse utilized by wind energy companies to secure wind farm siting agreements and explores the pressures this rhetoric places upon local stakeholders. I then use interview data to illustrate how these official forms of documentation exist within a broader ecology of unofficial communication that includes citizen-curated sites of what Miles Kimball has called “tactical technical communication.” These sites, including informal meetings, citizen-initiated research, and local leadership activity, accommodate official wind energy discourse into the local rhetorical ecology, highlighting, in part, the scope of rhetorical activity needed to integrate wind into a local economy of values and beliefs.

The research on digital and intelligent management system for large castings based on Internet+

In this paper the status and demands of casting production for large wind power and nuclear power companies was taken as the background. This paper aimed at problems in large casting companies such as various products but in small batch, low data utilisation rate, complex management structure, slow data collection and transmission speed, inconsistent exchange of current software information and so on, to target the integration of equipment, process, software, production, project management, supply chain and customer management. The model using the top-down and taking current software/system into consideration was adopted, and the usage requirement of casting enterprise is analysed in this paper. A casting system management platform based on Internet+ was obtained, of which the frame for sub function, system and module to realise it was divided. Research on data storage model and interaction pattern was conducted to provide reference for the development and implementation of information and intelligent platform for casting enterprises.

Restructuring at Suzlon Energy Ltd

Synopsis The case highlights the ambitious growth strategy of Suzlon, an Indian company specializing in non-conventional (wind) energy. In 2007, Suzlon announced the acquisition of REpower of Germany, one of the top wind power companies in the world. It issued zero coupon and coupon bearing foreign currency (US dollar) convertible bonds (FCCB) amounting to $760 million to finance the acquisition. These bonds were listed in Singapore. Due to deteriorating business conditions the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. At the same time, the Indian rupee depreciated from INR44 to INR55 leading to losses on largely unhedged, foreign currency coupon payments. The company had to restructure its capital structure to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. Eventually Suzlon had to sell-off REpower to reduce leverage. Research methodology The case is based on interviews of market intermediaries and published information. The information relating to the restructuring has been taken from the information statement filed with the Securities Exchange Board of India and the Stock Exchanges. The timeline of events were constructed from the information available in company press releases. Financial statements and other details are from the documents filed with the regulators and supplemented with the information available in Prowess database. The stock price and stock market index data are from the websites of Bombay Stock Exchange and the National Stock Exchange of India. Exchange rates, inflation and interest rates have been taken from Bloomberg and the Reserve Bank of India website. Valuation inputs like multiples are from Prowess database and security analyst reports. Sources of information are documented appropriately in the case and instructor’s manual. Although we interviewed the investment bankers involved in the restructuring we have not included any private information in the case to preserve confidentiality. Relevant courses and levels This case can be used in a corporate finance course or in a module on debt restructuring in a corporate restructuring course or in the financing module in an advanced corporate finance course or in an International Finance course. It can also be used to teach an integrated approach to valuation and financing in a valuation course. Theoretical bases The case highlights the rationale for issuing FX convertible debt, parity conditions in international finance and the use of alternate valuation models.