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Economic Feasibility of Floating Offshore Wind Farms Considering Near Future Wind Resources: Case Study of Iberian Coast and Bay of Biscay

Author

Listed:
  • Laura Castro-Santos

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

  • Maite deCastro

    (Environmental Physics Laboratory (EphysLab), Centro de Investigacións Mariñas (CIM)-UVIGO, Universidade de Vigo, Edificio Campus da Auga, 32004 Ourense, Spain)

  • Xurxo Costoya

    (Environmental Physics Laboratory (EphysLab), Centro de Investigacións Mariñas (CIM)-UVIGO, Universidade de Vigo, Edificio Campus da Auga, 32004 Ourense, Spain
    Group of Nonlinear Physics, Department of Particle Physics, CRETUS Institute, University of Santiago de Compostela, 15705 Santiago de Compostela, Spain)

  • Almudena Filgueira-Vizoso

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

  • Isabel Lamas-Galdo

    (Departamento de Ciencias da Navegación e Enxeñaría Mariña, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain)

  • Americo Ribeiro

    (Centro de Estudos do Ambiente e do Mar (CESAM), Physics Department, University of Aveiro, 3810-193 Aveiro, Portugal)

  • João M. Dias

    (Centro de Estudos do Ambiente e do Mar (CESAM), Physics Department, University of Aveiro, 3810-193 Aveiro, Portugal)

  • Moncho Gómez-Gesteira

    (Environmental Physics Laboratory (EphysLab), Centro de Investigacións Mariñas (CIM)-UVIGO, Universidade de Vigo, Edificio Campus da Auga, 32004 Ourense, Spain)

Abstract

Wind energy resources are subject to changes in climate, so the use of wind energy density projections in the near future is essential to determine the viability and profitability of wind farms at particular locations. Thus, a step forward in determining the economic assessment of floating offshore wind farms was taken by considering current and near-future wind energy resources in assessing the main parameters that determine the economic viability (net present value, internal rate of return, and levelized cost of energy) of wind farms. This study was carried out along the Atlantic coast from Brest to Cape St. Vincent. Results show that the future reduction in wind energy density (2%–6%) mainly affects the net present value ( NPV ) of the farm and has little influence on the levelized cost of energy ( LCOE ). This study provides a good estimate of the economic viability of OWFs (Offshore Wind Farms) by taking into account how wind resources can vary due to climate change over the lifetime of the farm.

Suggested Citation

  • Laura Castro-Santos & Maite deCastro & Xurxo Costoya & Almudena Filgueira-Vizoso & Isabel Lamas-Galdo & Americo Ribeiro & João M. Dias & Moncho Gómez-Gesteira, 2021. "Economic Feasibility of Floating Offshore Wind Farms Considering Near Future Wind Resources: Case Study of Iberian Coast and Bay of Biscay," IJERPH, MDPI, vol. 18(5), pages 1-16, March.
    • Handle: RePEc:gam:jijerp:v:18:y:2021:i:5:p:2553-:d:510369
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    References listed on IDEAS

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    Cited by:

    1. Thomas, B. & Costoya, X. & deCastro, M. & Carvalho, D. & Gómez-Gesteira, M., 2024. "Wake effect impact on the levelized cost of energy in large floating offshore wind farms: A case of study in the northwest of the Iberian Peninsula," Energy, Elsevier, vol. 304(C).
    2. Andrew Borg & Charise Cutajar & Tonio Sant & Robert N. Farrugia & Daniel Buhagiar, 2024. "Techno-Feasibility Assessment of a Floating Breakwater Concept for Supporting Marine Renewables in Deep Waters," Energies, MDPI, vol. 17(11), pages 1-30, May.

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