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The theoretically available power in the wind can be expressed as
P = 1/2 ρ A v3 (1)
where
P = power (W)
ρ = density of air (kg/m3)
A = area wind passing through perpendicular to the wind (m2)
v = wind velocity (m/s)
Be aware that the density of air decreases with temperature and altitude and that the major factor in power generation is wind velocity.
Theoretical and rated wind power generation for typical windmills are indicated in the "wind speed-power curve" below. Cut-in wind speed, rated wind speed, shut-down wind speed and rated power for windmills with 20% and 40% efficiency are indicated.

can be expressed as
Pa = 1/2 ξ ρ A v3 (2)
where
ξ = efficiency of the windmill (in general less than 0.4, or 40%)
The calculator below can be used to calculate available power from a windmill:
The energy generated by a windmill depends on the power generation as indicated above - and how often, or how many hours the wind blows - or more scientifically - the "wind speed frequency distribution" at the actual location.
The total energy generated over a year can be calculated by summarizing the power generation for all velocities (ranging from the actual windmill cut-in speed to the shut-down speed) multiplied with the no. of hours the wind blows at the actual speeds.
A typical wind speed frequency distribution diagram with energy produced at the different velocities are indicated below.

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