Economics of wind energy

Wind energy generation is already widespread in Europe, and its use is growing in the rest of the world. United States and China are now the leaders in wind energy development, adding capacity faster than any other countries. According to the World Wind Energy Association, Global wind power growth exceeds 30%.World-wide production of wind power in 2009 surpassed a capacity of 159,000 MW.

World-wide, wind power generation accounts for about 2% of all electricity consumption, but that is equivalent the total electricity needs of Italy, the seventh largest economy in the world.

Wind power is really just beginning to be developed commercially in Canada, but with increased government support, growth is accelerating. The Canadian Wind Energy Association reports that wind power generation is growing in Canada at the rate of more than 30% over the last few years. Capacity has grown to over 3,300 MW, enough to power 1 million homes. There are now installations in every province and territory. While wind energy currently represents only 1.5% of electricity production, it has the potential of growing to produce up to 20% of Canada's electricity.

Because wind is variable from day to day, other forms of electricity production must be included to ensure a constant supply of electricity at all times. While wind production may be difficult to predict over short time periods (i.e., days), wind production is very stable and predictable over longer periods of time (i.e., a year).

As fuel prices rise and the cost of generating conventional electricity rises with it, wind power generation is becoming a competitive alternative to conventional forms of electricity generation. Wind energy will be even more attractive as older facilities using other energy sources come to the end of their useful lives over the next 10 to 20 years.

Interesting facts

The energy it takes to build and install a wind turbine can be generated by that wind turbine in about eight months.

A 1.8MW wind turbine tower weighs 132,000 kg and contains enough steel to manufacture 206 average North American automobiles. Much of that steel is produced in Canada.

Leasing land for wind farms can be a stable source of income for farmers, while retaining 99% use of the land.

More: Wind energy and the environment