Techno-economic optimisation of offshore wind farms based on life cycle cost analysis on the UK

Mytilinou, Varvara; Kolios, Athanasios

doi:10.1016/j.renene.2018.07.146

Cited by 56 publications

(28 citation statements)

References 26 publications

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“…Furthermore, offshore wind techno-economic models have been developed to offer a basis for objective communication and decision-making, allowing for a greater number of cases to be analysed and when considering new ideas, offering the option to assess the economic feasibility and potential. Examples of those can be found in [11,12,13,14]. However, given the multidisciplinary nature of techno-economic modelling activities, studies tend to be either very detailed in the wind resource assessment part while ignoring financial valuation principles or they make use of sound financial models that do not take into consideration fundamental principles of wind resource assessment.…”

Section: Introductionmentioning

confidence: 99%

The effects of mean wind speed uncertainty on project finance debt sizing for offshore wind farms

et al. 2019

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Financing costs for offshore projects depend, among many other variables, on the quality of mean wind speed predictions. Financial institutions determine the amount of debt that can be reasonably supported by the project, based on probabilistic cash flow metrics derived from estimated mean wind speeds. Within the offshore wind industry, it is widely believed that longer wind resource campaigns or more precise wind measurement devices that decrease mean wind speed uncertainty lead to lower Levelised Cost of Energy (LCOE) values. This paper shows that this is not always true, while a decrease in mean wind speed uncertainty may result in better financing conditions, it typically requires higher development expenditure. We build a theoretical cost modelling framework, which includes detailed project financing constraints, and then apply this to an industrial case study to analyse project financing of different types of offshore wind farms. We show that developers need to find the right balance between a decrease in financing costs and an increase in development expenditure. For projects limited by the maximum gearing or with an unfavourable trade-off between the development expenditure and the increased P90 annual energy production, more precise resource estimation can result in higher LCOE values. This paper suggests a new way of understanding the effects of wind resource assessment campaigns by integrating project finance constraints into cost calculations and highlighting the importance of detailed cost modelling for optimal design of offshore wind farms.

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Section: Introductionmentioning

confidence: 99%

The effects of mean wind speed uncertainty on project finance debt sizing for offshore wind farms

et al. 2019

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“…The annual produced energy depends on the characteristic power curve of the turbine and the wind speed distribution function of each location. The DTU 10 MW wind turbine with a constant capacity of 10 MW has been selected for the analysis [20]. Figure 1 shows the power curve of this turbine.…”

Section: Methodsmentioning

confidence: 99%

Economic Aspects of a Concrete Floating Offshore Wind Platform in the Atlantic Arc of Europe

Baita-Saavedra

Cordal-Iglesias

Filgueira-Vizoso

et al. 2019

IJERPH

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The objective of this paper is to examine the economic aspects of a concrete offshore wind floating platform in the Atlantic Arc of Europe (Portugal and Spain). The life-cycle cost of a concrete floating offshore wind platform is considered to calculate the main economic parameters that will define the economic feasibility of the offshore wind farm. The case of study is the concrete floating offshore wind platform Telwind®, a spar platform with a revolutionary way of installing using a self-erecting telescopic tower of the wind turbine. In addition, the study analyses thirteen locations in Spain and twenty in Portugal, including the Atlantic islands of both countries. Results indicate that the economically feasible location to install a concrete offshore wind farm composed of concrete platforms is the Canary Islands (Spain) and Flores (Portugal).

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“…In the particular case of wind turbine systems, not only the optimization approaches, but also the optimization objectives are multifaceted. Apart from the most common and overall goal of reducing the system costs or levelized cost of energy, as well as maximizing the annual energy production [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24], the optimization focus also often lies on the loads on the system, including fatigue [6,[10][11][12]14,15,21,25,26], as well as the dynamic system response [11,12,14,22,27]. The component of interest, which is to be optimized, ranges from the blades [15,[19][20][21]23,24,26,28,29], the control system [24], the tower [10,13,15,1...…”

Section: Introductionmentioning

confidence: 99%

“…The component of interest, which is to be optimized, ranges from the blades [15,[19][20][21]23,24,26,28,29], the control system [24], the tower [10,13,15,19,20,23,24], and the support structure [10,25,27], which might even be floating [6,11,12,14,27,30], to the mooring lines and power cable [14], and even to wind farms, which might be optimized with respect to their location, layout, or utilized turbines [7][8][9][16][17][18]. The optimization itself can be done analytically and gradient-based [15,25,27]; however, most commonly evolutionary and genetic algorithms are applied [6][7][8][9]13,21,29]. Furthermore, due to the high complexity of wind turbine systems, simplified models, such as multibody or reduced-order models, are utilized for the application to optimization tasks [6,11,…”

Section: Introductionmentioning

confidence: 99%

Development of a Framework for Wind Turbine Design and Optimization

2021

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Dimensioning and assessment of a specific wind turbine imply iterative steps for design optimization, as well as load calculations and performance analyses of the system in various environmental conditions. However, due to the complexity of wind turbine systems, fully coupled aero-hydro-servo-elastic codes are indispensable to represent and simulate the non-linear system behavior. To cope with the large number of simulations to be performed during the design process of a wind turbine system, automation of simulation executions and optimization procedures are required. In this paper, such a holistic simulation and optimization framework is presented, by which means iterative simulations within the wind turbine design assessment and development processes can be managed and executed in an automated and high-performance manner. The focus lies on the application to design load case simulations, as well as the realization of automated optimizations. The proper functioning and the high flexibility of the framework tool is shown based on three exemplary optimization tasks.

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Techno-economic optimisation of offshore wind farms based on life cycle cost analysis on the UK

Cited by 56 publications

References 26 publications

The effects of mean wind speed uncertainty on project finance debt sizing for offshore wind farms

The effects of mean wind speed uncertainty on project finance debt sizing for offshore wind farms

Economic Aspects of a Concrete Floating Offshore Wind Platform in the Atlantic Arc of Europe

Development of a Framework for Wind Turbine Design and Optimization

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