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Methodology to Calculate the Costs of a Floating Offshore Renewable Energy Farm

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  • Laura Castro-Santos

    (Integrated Group for Engineering Research, Centro de Investigacións Tecnolóxicas, Departamento de Enxeñaría Naval e Oceánica, Escola Politécnica Superior, Universidade da Coruña, Campus de Ferrol, 15471 Ferrol, Spain)

  • Elson Martins

    (Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Tecnico, Universidade de Lisboa, Av Rovisco Pais, 1049-001 Lisbon, Portugal)

  • C. Guedes Soares

    (Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Tecnico, Universidade de Lisboa, Av Rovisco Pais, 1049-001 Lisbon, Portugal)

Abstract

This paper establishes a general methodology to calculate the life-cycle cost of floating offshore renewable energy devices, applying it to wave energy and wind energy devices. It is accounts for the contributions of the six main phases of their life-cycle: concept definition, design and development, manufacturing, installation, exploitation and dismantling, the costs of which have been defined. Moreover, the energy produced is also taken into account to calculate the Levelized Cost of Energy of a floating offshore renewable energy farm. The methodology proposed has been applied to two renewable energy devices: a floating offshore wave energy device and a floating offshore wind energy device. Two locations have been considered: Aguçadoura and São Pedro de Moel, both in Portugal. Results indicate that the most important cost in terms of the life-cycle of a floating offshore renewable energy farm is the exploitation cost, followed by the manufacturing and the installation cost. In addition, the best area in terms of costs is the same independently of the type of floating offshore renewable energy considered: Aguçadoura. However, the results in terms of Levelized Cost of Energy are different: Aguçadoura is better when considering wave energy technology and the São Pedro de Moel region is the best option when considering floating wind energy technology. The method proposed aims to give a direct approach to calculate the main life-cycle cost of a floating offshore renewable energy farm. It helps to assess its feasibility and evaluating the relevant characteristics that influence it the most.

Suggested Citation

  • 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.
  • Handle: RePEc:gam:jeners:v:9:y:2016:i:5:p:324-:d:69075
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    References listed on IDEAS

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    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. 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.
    3. Díaz, H. & Silva, D. & Bernardo, C. & Guedes Soares, C., 2023. "Micro sitting of floating wind turbines in a wind farm using a multi-criteria framework," Renewable Energy, Elsevier, vol. 204(C), pages 449-474.
    4. Castro-Santos, Laura & Martins, Elson & Guedes Soares, C., 2017. "Economic comparison of technological alternatives to harness offshore wind and wave energies," Energy, Elsevier, vol. 140(P1), pages 1121-1130.
    5. 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).
    6. 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.
    7. Tvedt, Jostein, 2022. "Floating offshore wind and the real options to relocate," Energy Economics, Elsevier, vol. 116(C).
    8. 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.
    9. Enrico Giglio & Ermando Petracca & Bruno Paduano & Claudio Moscoloni & Giuseppe Giorgi & Sergej Antonello Sirigu, 2023. "Estimating the Cost of Wave Energy Converters at an Early Design Stage: A Bottom-Up Approach," Sustainability, MDPI, vol. 15(8), pages 1-39, April.
    10. Jahn, Carlos & Kersten, Wolfgang & Ringle, Christian M. (ed.), 2021. "Adapting to the Future: Maritime and City Logistics in the Context of Digitalization and Sustainability," Proceedings of the Hamburg International Conference of Logistics (HICL), Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management, volume 32, number 32.
    11. 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.
    12. Américo S. Ribeiro & Maite deCastro & Liliana Rusu & Mariana Bernardino & João M. Dias & Moncho Gomez-Gesteira, 2020. "Evaluating the Future Efficiency of Wave Energy Converters along the NW Coast of the Iberian Peninsula," Energies, MDPI, vol. 13(14), pages 1-15, July.
    13. Florin Onea & Andrés Ruiz & Eugen Rusu, 2020. "An Evaluation of the Wind Energy Resources along the Spanish Continental Nearshore," Energies, MDPI, vol. 13(15), pages 1-23, August.
    14. Juan-Manuel Roldan-Fernandez & Javier Serrano-Gonzalez & Francisco Gonzalez-Longatt & Manuel Burgos-Payan, 2021. "Impact of Spanish Offshore Wind Generation in the Iberian Electricity Market: Potential Savings and Policy Implications," Energies, MDPI, vol. 14(15), pages 1-17, July.
    15. Weigell, Jürgen & Jahn, Carlos, 2021. "Literature review of installation logistics for floating offshore wind turbines," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Jahn, Carlos & Kersten, Wolfgang & Ringle, Christian M. (ed.), Adapting to the Future: Maritime and City Logistics in the Context of Digitalization and Sustainability. Proceedings of the Hamburg International Conf, volume 32, pages 599-622, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    16. 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.
    17. 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).
    18. Kamarlouei, M. & Gaspar, J.F. & Calvario, M. & Hallak, T.S. & Mendes, M.J.G.C. & Thiebaut, F. & Guedes Soares, C., 2022. "Experimental study of wave energy converter arrays adapted to a semi-submersible wind platform," Renewable Energy, Elsevier, vol. 188(C), pages 145-163.
    19. Florin Onea & Liliana Rusu, 2018. "Evaluation of Some State-Of-The-Art Wind Technologies in the Nearshore of the Black Sea," Energies, MDPI, vol. 11(9), pages 1-16, September.
    20. Andrés Ruiz & Florin Onea & Eugen Rusu, 2020. "Study Concerning the Expected Dynamics of the Wind Energy Resources in the Iberian Nearshore," Energies, MDPI, vol. 13(18), pages 1-25, September.
    21. Laura Castro-Santos & Ana Rute Bento & Carlos Guedes Soares, 2020. "The Economic Feasibility of Floating Offshore Wave Energy Farms in the North of Spain," Energies, MDPI, vol. 13(4), pages 1-19, February.
    22. 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.

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