Abstract This chapter develops a methodology to determine the economic feasibility of a floating offshore wind farm in a particular location. It is composed by inputs (electric tariff, energy produced in the offshore location, the technical study) and outputs [Internal Rate of Return (IRR), Net Present Value (NPV), Discounted Pay-Back Period (DPBP), Levelized Cost Of Energy (LCOE) and Cost of power ratio (C power)]. The method has been developed for a particular case of study: the Galician area, located in the North-West of Spain, where the offshore wind resource is high. Furthermore, this area has wide experience in onshore wind energy and in shipbuilding. Therefore, technicians of both industries can be introduced in this new sector. Results indicate the best areas where a floating offshore wind farm can be installed in the Galician coast. Nevertheless, the feasibility study should be followed by a sensitivity study, where one can research how modifications in the input variables considered carry out transformations in the output parameters. In this sense, the most important variables are the scale wind parameter and the electric tariff. The method can be useful for future investors to determine the feasibility of a floating offshore wind farm in a particular location.
Economic Feasibility of Floating Offshore Wind Farms
1st ed. 2016
2016-01-01
13 pages
Article/Chapter (Book)
Electronic Resource
English
Internal rate of return (IRR) , Feasibility study , Cost of power , Levelized cost of energy (LCOE) , Discounted Pay-Back period (DPBP) , Net present value (NPV) , Floating offshore wind farm Energy Technology , Oceanography , Renewable and Green Energy , Environmental Economics , Energy , Marine & Freshwater Sciences
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