Estimating the economic benefits of wind energy projects using Monte Carlo simulation with economic input/output analysis

Wind Energy

Volumn 11, Issue 4, 2008, Pages 397-414

  Williams, Susan K ^a   Acker, Tom ^b   Goldberg, Marshall ^c   Greve, Megan ^d  

^a NORTHERN ARIZONA UNIVERSITY   (United States)

^b Center for Materials Interfaces in Research and Applications   (United States)

^c MRG and Associates   (United States)

^d NONE   (United States)

Author keywords

Economic benefits; Economic impact; Economic input output analysis; Monte Carlo simulation; Regional analysis; Sensitivity analysis; Wind energy project

Indexed keywords

ECONOMIC ANALYSIS; ECONOMIC AND SOCIAL EFFECTS; ENERGY POLICY; REGIONAL PLANNING; SENSITIVITY ANALYSIS; WAGES; WIND POWER;

ECONOMIC BENEFITS; ECONOMIC IMPACTS; ECONOMIC INPUT/ OUTPUT ANALYSIS; REGIONAL ANALYSIS; WIND ENERGY PROJECTS;

MONTE CARLO METHODS;

EMPLOYMENT GENERATION; INPUT-OUTPUT ANALYSIS; MONTE CARLO ANALYSIS; SENSITIVITY ANALYSIS; WIND POWER;

ARIZONA; NORTH AMERICA; UNITED STATES;

EID: 49749108987     PISSN: 10954244     EISSN: 10991824     Source Type: Journal    
DOI: 10.1002/we.273     Document Type: Article

References (38)

1. Ackermann T, Soder L. An overview of wind energy-status 2002. Renewable & Sustainable Energy Reviews 2002; 6: 67-127.
2. Menz FC, Vachon S. The effectiveness of different policy regimes for promoting wind power: experiences from the states. Energy Policy 2006; 34: 1786-1796.
3. Goldberg M, Sinclair K, Milligan M. Job and Economic Development Impact (JEDI) model: a user-friendly tool to calculate economic impacts from wind projects. Report No. NREL/CP-500-35953, 2004.
4. Minnesota IMPLAN Group. Impact analysis for planning. [Online]. Available: http://www.implan.com. (Accessed 12 July 2007)
5. Palisade Corporation. ©Risk. 2005. [Online]. Available: http://www.palisade.com. (Accessed 12 July 2007)
6. Electric Power Research Institute. California renewable technology market and benefits assessment. Report No. 1001193, 2001.
7. Madsen T, Bonin S, Baker M. Wind Energy: Powering Economic Development in Colorado. Colorado Public Interest Research Group Education Fund: Denver, 2002.
8. SEED Coalition and Public Citizen's Texas Office. Renewable Resources: The New Texas Energy Powerhouse. Sustainable Energy and Economic Development Coalition: Austin, 2002.
9. Grover S. Economic Impacts of Wind Power in Kittitas County. ECONorthwest: Portland, 2002.
10. Northwest Economic Associates. Assessing the Economic Development Impacts of Wind Power. National Wind Coordinating Committee: Washington, 2003.
11. Hoffer D. The Economic Benefits of Wind Farm Development in Vermont. Renewable Energy: Vermont: Montpelier, VT, 2002.
12. Costanti M. Quantifying the economic development impacts of wind power in six rural Montana counties using NREL's JEDI model. Report No. NREL/SR-500-36414, 2004.
13. Mongha N, Staffor ER, Harman CL. An analysis of the economic impact on Utah County, Utah from the development of wind power plants. DOE/EERE: DOE/GO-102006-2316, 2006.
14. Tegen S. Comparing statewide economic impacts of new generation from wind, coal, and natural gas in Arizona, Colorado, and Michigan. Report No. TP-500-37720, 2006.
15. Black & Veatch Corporation. Economic impact of renewable energy in Pennsylvania. Report No. 135401, 2004.
16. Miller RE, Blair PD. Input-Output Analysis: Foundations and Extensions. Prentice-Hall: NJ, 1985.
17. Bernthal MJ, Regan TH. The economic impact of a NASCAR racetrack on a rural community and region. Sport Marketing Quarterly 2004; 13: 26-34.
18. Lee CK, Taylor T. Critical reflection on the economic impact assessment of a mega-event: the case of 2002 FIFA world cup. Tourism Management 2005; 26: 595-603.
19. Saayman M, Saayman A. Estimating the economic contributions of visitor spending in the Kruger National Park to the regional economy. Journal of Sustainable Tourism 2006; 14: 67-81.
20. Cox BM, Munn IA. A comparison of two input-output approaches for investigating regional economic impacts of the forest products industry in the Pacific-Northwest and South. Forest Products Journal 2001; 5: 39-46.
21. Morton LW, Bills N, Kay D. Health sector contribution to a rural economy: Western New York region. Consumer Interests Annual 1999; 45: 21-26.
22. Oster CV, Rubin BM, Strong JS. Economic impacts of transportation investments: the case of Federal Express. Transportation Journal 1997; 37: 34-44.
23. Hendrickson CT, Lave LB, Matthews HS. Environmental Life Cycle Assessment of Goods and Services: An Input-Output Approach. Resources for the Future: Washington, 2006.
24. National Renewable Energy Laboratory. JEDI. [Online]. Available: http://www.eere.energy.gov/windandhydro/windpoweringamerica. (Accessed 14 June 2007)
25. Vose D. Risk Analysis: A Quantitative Guide (2nd edn). John Wiley & Sons: Chichester, 2000.
26. Law AM, Kelton WD. Simulation Modeling and Analysis. McGraw-Hill: New York, 1982.
27. Arizona Department of Commerce. Profile: Coconino County. [Online]. Available: http://www.azcommerce.com/ communities/county_profiles.asp. (Accessed 2 April 2005)
28. Arizona Department of Commerce. Profile: Navajo County. [Online]. Available: http://www.azcommerce.com/ communities/county_profiles.asp. (Accessed 2 April 2005)
29. Bain C, Ballentine C, DeSouza A, Majure L, Smith H, Turek J. Navajo electrification for sustainable development: the potential economic and social benefits. American Indian Culture and Research Journal 2004; 28: 67-79.
30. Williams SK, Acker T, Brummels G, Greve M. Wind Energy Potential in Coconino and Navajo Counties, Arizona: Economic Analysis Using NREL's JEDI Model with Monte Carlo Simulation and Windy Land Analysis Using GIS. Arizona Wind Working Group: Flagstaff, AZ, 2005.
31. RIMS II. Bureau of Economic Analysis. [Online]. Available: http://www.bea.gov. (Accessed 6 June 2007)
32. Lindall S, Olson D. IMPLAN input-output system. MIG, Inc. [Online]. Available: http://www.implan.com. (Accessed 6 June 2007)
33. Mulkey D, Hodges AW. Using IMPLAN to assess local economic impacts. Food and Resource Economics Department, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida. [Online]. Available: http://edis.ifas.ufl.edu/fe168. (Accessed 6 June 2007)
34. Giesken M. Impact of wind farm development in Oklahoma. MA Thesis, University of Oklahoma, 2007.
35. Morthorst PE. Wind Energy: The Facts (Vol. 2). European Wind Energy Association: Brussels, Belgium, 2003.
36. Poore RZ. Wind 101: wind technology overview. AWEA Fall Educational Symposium, Palm Springs, CA, 2005.
37. Coconino County Tax Assessor. [Online]. Available: http://co.coconino.az. us/assessor/taxarea.asp. (Accessed 13 April 2005)
38. Navajo County Tax Assessor. [Online]. Available: http://www.co.navajo.az. us/GenInfo_Src.aspx. (Accessed 13 April 2005)