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A Software for Calculating the Economic Aspects of Floating Offshore Renewable Energies

Author

Listed:
  • Laura Castro-Santos

    (Departamento de Enxeñaría Naval e Industrial, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain)

  • Almudena Filgueira-Vizoso

    (Departamento de Química, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain)

Abstract

The aim of this work is to develop a software to calculate the economic parameters so as to determine the feasibility of a floating offshore renewable farm in a selected location. The software can calculate the economic parameters of several types of offshore renewable energies, as follows: one renewable energy (floating offshore wind—WindFloat, tension leg platform (TLP), and spar; floating wave energy—Pelamis and AquaBuoy), hybrid offshore wind and wave systems (Wave Dragon and W2Power), and combined offshore wind and waves with different systems (independent arrays, peripherally distributed arrays, uniformly distributed arrays, and non-uniformly distributed arrays). The user can select several inputs, such as the location, configuration of the farm, type of floating offshore platform, type of power of the farm, life-cycle of the farm, electric tariff, capital cost, corporate tax, steel cost, percentage of financing, or interest and capacity of the shipyard. The case study is focused on the Galicia region (NW of Spain). The results indicate the economic feasibility of a farm of floating offshore renewable energy in a particular location in terms of its costs, levelized cost of energy (LCOE), internal rate of return (IRR), net present value (NPV), and discounted pay-back period. The tool allows for establishing conclusions about the dependence of the offshore wind resource parameters, the main distances (farm–shore, farm–shipyard, and farm–port), the parameters of the waves, and the bathymetry of the area selected.

Suggested Citation

  • 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.
    • Handle: RePEc:gam:jijerp:v:17:y:2019:i:1:p:218-:d:302704
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    References listed on IDEAS

    as
    1. 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.
    2. Castro-Santos, Laura & Martins, Elson & Guedes Soares, C., 2016. "Cost assessment methodology for combined wind and wave floating offshore renewable energy systems," Renewable Energy, Elsevier, vol. 97(C), pages 866-880.
    3. Silva, Dina & Bento, A. Rute & Martinho, Paulo & Guedes Soares, C., 2015. "High resolution local wave energy modelling in the Iberian Peninsula," Energy, Elsevier, vol. 91(C), pages 1099-1112.
    4. 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.
    5. Schillings, Christoph & Wanderer, Thomas & Cameron, Lachlan & van der Wal, Jan Tjalling & Jacquemin, Jerome & Veum, Karina, 2012. "A decision support system for assessing offshore wind energy potential in the North Sea," Energy Policy, Elsevier, vol. 49(C), pages 541-551.
    6. Dina Silva & Eugen Rusu & Carlos Guedes Soares, 2013. "Evaluation of Various Technologies for Wave Energy Conversion in the Portuguese Nearshore," Energies, MDPI, vol. 6(3), pages 1-21, March.
    7. Dunnett, David & Wallace, James S., 2009. "Electricity generation from wave power in Canada," Renewable Energy, Elsevier, vol. 34(1), pages 179-195.
    8. 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.
    9. Castro-Santos, Laura & Filgueira-Vizoso, Almudena & Carral-Couce, Luis & Formoso, José Ángel Fraguela, 2016. "Economic feasibility of floating offshore wind farms," Energy, Elsevier, vol. 112(C), pages 868-882.
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