IDEAS home Printed from https://ideas.repec.org/a/eee/appene/v266y2020ics0306261920302282.html
   My bibliography  Save this article

A life cycle cost model for floating offshore wind farms

Author

Listed:
  • Maienza, C.
  • Avossa, A.M.
  • Ricciardelli, F.
  • Coiro, D.
  • Troise, G.
  • Georgakis, C.T.

Abstract

Over the last few decades, there has been a renewed interest in the offshore wind sector. In particular, floating wind turbines represent the next frontier in the wind power industry. Currently, only research prototypes exist, and few studies are available on their possible investment cost. Therefore, a cost assessment for this technology is necessary to ascertain whether it is economically sustainable. This paper develops a life cycle cost model for floating offshore wind farms, bringing together the most up-to-date data and parametric equations from databases and literature. The cost model considers the key parameters of the wind power economy, namely CAPEX, OPEX, DECEX and LCOE. The proposed model should be helpful for future decision-making, as the wind energy industry is in constant evolution. An application to an offshore floating wind farms is also carried out, in which the three main types of floaters are considered, namely the Semi-Submersible Platform, the Spar Buoy and the Tension Leg Platform. An average LCOE of 9.74 €c/kWh was found, at the lower bound of the typical range applying to fixed base offshore wind farms, and higher than typical values applying to onshore wind farms.

Suggested Citation

  • Maienza, C. & Avossa, A.M. & Ricciardelli, F. & Coiro, D. & Troise, G. & Georgakis, C.T., 2020. "A life cycle cost model for floating offshore wind farms," Applied Energy, Elsevier, vol. 266(C).
    • Handle: RePEc:eee:appene:v:266:y:2020:i:c:s0306261920302282
    DOI: 10.1016/j.apenergy.2020.114716
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0306261920302282
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.apenergy.2020.114716?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ioannou, Anastasia & Angus, Andrew & Brennan, Feargal, 2018. "A lifecycle techno-economic model of offshore wind energy for different entry and exit instances," Applied Energy, Elsevier, vol. 221(C), pages 406-424.
    2. Blanco, María Isabel, 2009. "The economics of wind energy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(6-7), pages 1372-1382, August.
    3. Kausche, Michael & Adam, Frank & Dahlhaus, Frank & Großmann, Jochen, 2018. "Floating offshore wind - Economic and ecological challenges of a TLP solution," Renewable Energy, Elsevier, vol. 126(C), pages 270-280.
    4. Laura Castro-Santos & Elson Martins & C. Guedes Soares, 2016. "Methodology to Calculate the Costs of a Floating Offshore Renewable Energy Farm," Energies, MDPI, vol. 9(5), pages 1-27, April.
    5. Myhr, Anders & Bjerkseter, Catho & Ågotnes, Anders & Nygaard, Tor A., 2014. "Levelised cost of energy for offshore floating wind turbines in a life cycle perspective," Renewable Energy, Elsevier, vol. 66(C), pages 714-728.
    6. Topham, Eva & McMillan, David, 2017. "Sustainable decommissioning of an offshore wind farm," Renewable Energy, Elsevier, vol. 102(PB), pages 470-480.
    7. Mahmood Shafiee & Fateme Dinmohammadi, 2014. "An FMEA-Based Risk Assessment Approach for Wind Turbine Systems: A Comparative Study of Onshore and Offshore," Energies, MDPI, vol. 7(2), pages 1-24, February.
    8. Bilgili, Mehmet & Yasar, Abdulkadir & Simsek, Erdogan, 2011. "Offshore wind power development in Europe and its comparison with onshore counterpart," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(2), pages 905-915, February.
    9. Dicorato, M. & Forte, G. & Pisani, M. & Trovato, M., 2011. "Guidelines for assessment of investment cost for offshore wind generation," Renewable Energy, Elsevier, vol. 36(8), pages 2043-2051.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. McMorland, J. & Collu, M. & McMillan, D. & Carroll, J., 2022. "Operation and maintenance for floating wind turbines: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 163(C).
    2. Norbert Chamier-Gliszczynski & Joanna Alicja Dyczkowska & Waldemar Woźniak & Marcin Olkiewicz & Roman Stryjski, 2024. "The Determinant of Time in the Logistical Process of Wind Farm Planning," Energies, MDPI, vol. 17(6), pages 1-18, March.
    3. Gao, Qiang & Yuan, Rui & Ertugrul, Nesimi & Ding, Boyin & Hayward, Jennifer A. & Li, Ye, 2023. "Analysis of energy variability and costs for offshore wind and hybrid power unit with equivalent energy storage system," Applied Energy, Elsevier, vol. 342(C).
    4. Ren, Zhengru & Verma, Amrit Shankar & Li, Ye & Teuwen, Julie J.E. & Jiang, Zhiyu, 2021. "Offshore wind turbine operations and maintenance: A state-of-the-art review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 144(C).
    5. Centeno-Telleria, Manu & Yue, Hong & Carrol, James & Penalba, Markel & Aizpurua, Jose I., 2024. "Impact of operations and maintenance on the energy production of floating offshore wind farms across the North Sea and the Iberian Peninsula," Renewable Energy, Elsevier, vol. 224(C).
    6. Song, Dongran & Yan, Jiaqi & Gao, Yang & Wang, Lei & Du, Xin & Xu, Zhiliang & Zhang, Zhihong & Yang, Jian & Dong, Mi & Chen, Yang, 2023. "Optimization of floating wind farm power collection system using a novel two-layer hybrid method," Applied Energy, Elsevier, vol. 348(C).
    7. Lopez, Javier Contreras & Kolios, Athanasios & Wang, Lin & Chiachio, Manuel & Dimitrov, Nikolay, 2024. "Reliability-based leading edge erosion maintenance strategy selection framework," Applied Energy, Elsevier, vol. 358(C).
    8. Shamsan Alsubal & Wesam Salah Alaloul & Eu Lim Shawn & M. S. Liew & Pavitirakumar Palaniappan & Muhammad Ali Musarat, 2021. "Life Cycle Cost Assessment of Offshore Wind Farm: Kudat Malaysia Case," Sustainability, MDPI, vol. 13(14), pages 1-14, July.
    9. Mohammad Barooni & Turaj Ashuri & Deniz Velioglu Sogut & Stephen Wood & Shiva Ghaderpour Taleghani, 2022. "Floating Offshore Wind Turbines: Current Status and Future Prospects," Energies, MDPI, vol. 16(1), pages 1-28, December.
    10. Pustina, L. & Serafini, J. & Pasquali, C. & Solero, L. & Lidozzi, A. & Gennaretti, M., 2023. "A novel resonant controller for sea-induced rotor blade vibratory loads reduction on floating offshore wind turbines," Renewable and Sustainable Energy Reviews, Elsevier, vol. 173(C).
    11. Wu, Yan & Xia, Tianqi & Wang, Yufei & Zhang, Haoran & Feng, Xiao & Song, Xuan & Shibasaki, Ryosuke, 2022. "A synchronization methodology for 3D offshore wind farm layout optimization with multi-type wind turbines and obstacle-avoiding cable network," Renewable Energy, Elsevier, vol. 185(C), pages 302-320.
    12. Liu, Min & Qin, Jianjun & Lu, Da-Gang & Zhang, Wei-Heng & Zhu, Jiang-Sheng & Faber, Michael Havbro, 2022. "Towards resilience of offshore wind farms: A framework and application to asset integrity management," Applied Energy, Elsevier, vol. 322(C).
    13. Antonio Casimiro Caputo & Alessandro Federici & Pacifico Marcello Pelagagge & Paolo Salini, 2023. "Scenario Analysis of Offshore Wind-Power Systems under Uncertainty," Sustainability, MDPI, vol. 15(24), pages 1-21, December.
    14. Zhang, Lijun & Li, Ye & Xu, Wenhao & Gao, Zhiteng & Fang, Long & Li, Rongfu & Ding, Boyin & Zhao, Bin & Leng, Jun & He, Fenglan, 2022. "Systematic analysis of performance and cost of two floating offshore wind turbines with significant interactions," Applied Energy, Elsevier, vol. 321(C).
    15. Nurullah Yildiz & Hassan Hemida & Charalampos Baniotopoulos, 2024. "Operation, Maintenance, and Decommissioning Cost in Life-Cycle Cost Analysis of Floating Wind Turbines," Energies, MDPI, vol. 17(6), pages 1-18, March.
    16. Hugo Díaz & C. Guedes Soares, 2022. "Multicriteria Decision Approach to the Design of Floating Wind Farm Export Cables," Energies, MDPI, vol. 15(18), pages 1-18, September.
    17. Bartłomiej Kizielewicz & Jarosław Wątróbski & Wojciech Sałabun, 2020. "Identification of Relevant Criteria Set in the MCDA Process—Wind Farm Location Case Study," Energies, MDPI, vol. 13(24), pages 1-40, December.
    18. Fengyuan Yan & Xiaolong Han & Qianwei Cheng & Yamin Yan & Qi Liao & Yongtu Liang, 2022. "Scenario-Based Comparative Analysis for Coupling Electricity and Hydrogen Storage in Clean Oilfield Energy Supply System," Energies, MDPI, vol. 15(6), pages 1-28, March.
    19. Mingyu Li & Dongxiao Niu & Zhengsen Ji & Xiwen Cui & Lijie Sun, 2021. "Forecast Research on Multidimensional Influencing Factors of Global Offshore Wind Power Investment Based on Random Forest and Elastic Net," Sustainability, MDPI, vol. 13(21), pages 1-19, November.
    20. Sergi Vilajuana Llorente & José Ignacio Rapha & José Luis Domínguez-García, 2024. "Development and Analysis of a Global Floating Wind Levelised Cost of Energy Map," Clean Technol., MDPI, vol. 6(3), pages 1-27, September.
    21. Kristjanpoller, Fredy & Cárdenas-Pantoja, Nicolás & Viveros, Pablo & Pascual, Rodrigo, 2023. "Wind farm life cycle cost modelling based on oversizing capacity under load sharing configuration," Reliability Engineering and System Safety, Elsevier, vol. 236(C).
    22. Pan, Lin & Wang, Xudong, 2020. "Variable pitch control on direct-driven PMSG for offshore wind turbine using Repetitive-TS fuzzy PID control," Renewable Energy, Elsevier, vol. 159(C), pages 221-237.
    23. Martín-Betancor, Moisés & Osorio, Javier & Ruíz-García, Alejandro & Nuez, Ignacio, 2024. "Technical-economic limitations of floating offshore wind energy generation in small isolated island power systems without energy storage: Case study in the Canary Islands," Energy Policy, Elsevier, vol. 188(C).
    24. Caputo, Antonio C. & Federici, Alessandro & Pelagagge, Pacifico M. & Salini, Paolo, 2023. "Offshore wind power system economic evaluation framework under aleatory and epistemic uncertainty," Applied Energy, Elsevier, vol. 350(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Judge, Frances & McAuliffe, Fiona Devoy & Sperstad, Iver Bakken & Chester, Rachel & Flannery, Brian & Lynch, Katie & Murphy, Jimmy, 2019. "A lifecycle financial analysis model for offshore wind farms," Renewable and Sustainable Energy Reviews, Elsevier, vol. 103(C), pages 370-383.
    2. Laura Castro-Santos & Almudena Filgueira-Vizoso & Carlos Álvarez-Feal & Luis Carral, 2018. "Influence of Size on the Economic Feasibility of Floating Offshore Wind Farms," Sustainability, MDPI, vol. 10(12), pages 1-13, November.
    3. Ioannou, Anastasia & Angus, Andrew & Brennan, Feargal, 2018. "A lifecycle techno-economic model of offshore wind energy for different entry and exit instances," Applied Energy, Elsevier, vol. 221(C), pages 406-424.
    4. Gao, Qiang & Hayward, Jennifer A. & Sergiienko, Nataliia & Khan, Salman Saeed & Hemer, Mark & Ertugrul, Nesimi & Ding, Boyin, 2024. "Detailed mapping of technical capacities and economics potential of offshore wind energy: A case study in South-eastern Australia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PA).
    5. Thomas Poulsen & Charlotte Bay Hasager & Christian Munk Jensen, 2017. "The Role of Logistics in Practical Levelized Cost of Energy Reduction Implementation and Government Sponsored Cost Reduction Studies: Day and Night in Offshore Wind Operations and Maintenance Logistic," Energies, MDPI, vol. 10(4), pages 1-28, April.
    6. Torres-Rincón, Samuel & Bastidas-Arteaga, Emilio & Sánchez-Silva, Mauricio, 2021. "A flexibility-based approach for the design and management of floating offshore wind farms," Renewable Energy, Elsevier, vol. 175(C), pages 910-925.
    7. Ladenburg, Jacob & Lutzeyer, Sanja, 2012. "The economics of visual disamenity reductions of offshore wind farms—Review and suggestions from an emerging field," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(9), pages 6793-6802.
    8. Satir, Mert & Murphy, Fionnuala & McDonnell, Kevin, 2018. "Feasibility study of an offshore wind farm in the Aegean Sea, Turkey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P2), pages 2552-2562.
    9. Rodrigues, S. & Restrepo, C. & Kontos, E. & Teixeira Pinto, R. & Bauer, P., 2015. "Trends of offshore wind projects," Renewable and Sustainable Energy Reviews, Elsevier, vol. 49(C), pages 1114-1135.
    10. Ederer, Nikolaus, 2015. "Evaluating capital and operating cost efficiency of offshore wind farms: A DEA approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 42(C), pages 1034-1046.
    11. Rinaldi, Giovanni & Garcia-Teruel, Anna & Jeffrey, Henry & Thies, Philipp R. & Johanning, Lars, 2021. "Incorporating stochastic operation and maintenance models into the techno-economic analysis of floating offshore wind farms," Applied Energy, Elsevier, vol. 301(C).
    12. Javier Serrano González & Manuel Burgos Payán & Jesús Manuel Riquelme Santos & Ángel Gaspar González Rodríguez, 2021. "Optimal Micro-Siting of Weathervaning Floating Wind Turbines," Energies, MDPI, vol. 14(4), pages 1-19, February.
    13. Sun, Xiaojing & Huang, Diangui & Wu, Guoqing, 2012. "The current state of offshore wind energy technology development," Energy, Elsevier, vol. 41(1), pages 298-312.
    14. Laura Castro-Santos & Almudena Filgueira-Vizoso, 2019. "A Software for Calculating the Economic Aspects of Floating Offshore Renewable Energies," IJERPH, MDPI, vol. 17(1), pages 1-19, December.
    15. Daniela Pantusa & Antonio Francone & Giuseppe Roberto Tomasicchio, 2020. "Floating Offshore Renewable Energy Farms. A Life-Cycle Cost Analysis at Brindisi, Italy," Energies, MDPI, vol. 13(22), pages 1-22, November.
    16. Colla, Martin & Ioannou, Anastasia & Falcone, Gioia, 2020. "Critical review of competitiveness indicators for energy projects," Renewable and Sustainable Energy Reviews, Elsevier, vol. 125(C).
    17. McMorland, J. & Collu, M. & McMillan, D. & Carroll, J., 2022. "Operation and maintenance for floating wind turbines: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 163(C).
    18. Lande-Sudall, D. & Stallard, T. & Stansby, P., 2019. "Co-located deployment of offshore wind turbines with tidal stream turbine arrays for improved cost of electricity generation," Renewable and Sustainable Energy Reviews, Elsevier, vol. 104(C), pages 492-503.
    19. Nagababu, Garlapati & Kachhwaha, Surendra Singh & Savsani, Vimal, 2017. "Estimation of technical and economic potential of offshore wind along the coast of India," Energy, Elsevier, vol. 138(C), pages 79-91.
    20. Li, He & Teixeira, Angelo P. & Guedes Soares, C., 2020. "A two-stage Failure Mode and Effect Analysis of offshore wind turbines," Renewable Energy, Elsevier, vol. 162(C), pages 1438-1461.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:appene:v:266:y:2020:i:c:s0306261920302282. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.