Abstract
This paper presents a whole life cost (WLC) analysis framework for offshore wind farms throughout their lifespan (∼25 years). A mathematical tool is developed to evaluate all the costs associated with five phases of offshore wind projects, namely, pre-development and consenting (P&C), production and acquisition (P&A), installation and commissioning (I&C), operation and maintenance (O&M), and decommissioning and disposal (D&D). Several critical factors such as geographical location and meteorological conditions, power rating and capacity factor of wind turbines, reliability of subassemblies, and availability and accessibility of transportation means are taken into account in cost analyses. A net present value (NPV) approach is used to quantify the current value of future cash flows and a bottom-up estimate of the overall cost is obtained. Finally, the model is tested on an offshore 500 MW baseline wind farm project. Our results indicate that the capital cost of wind turbines and their sub-assemblies as well as the installation cost account for the largest proportion of LCC, followed by the O&M costs.
| Original language | English |
|---|---|
| Title of host publication | EWEA 2015 - Scientific Proceedings |
| Publisher | European Wind Energy Association |
| Pages | 140-144 |
| Number of pages | 5 |
| ISBN (Electronic) | 9782930670003 |
| Publication status | Published - 1 Jan 2015 |
| Externally published | Yes |
| Event | European Wind Energy Association Annual Conference and Exhibition 2015, EWEA 2015 - Paris, France Duration: 17 Nov 2015 → 20 Nov 2015 |
Conference
| Conference | European Wind Energy Association Annual Conference and Exhibition 2015, EWEA 2015 |
|---|---|
| Country/Territory | France |
| City | Paris |
| Period | 17/11/15 → 20/11/15 |
Keywords
- levelized cost of energy (LCOE)
- offshore wind farm
- operation and maintenance (O&M)
- whole life cost (WLC)