3 years ago

A lifecycle financial analysis model for offshore wind farms

Frances Judge, Fiona Devoy Mcauliffe, Iver Bakken Sperstad, Rachel Chester, Brian Flannery, Katie Lynch, Jimmy Murphy

Publication date: April 2019

Source: Renewable and Sustainable Energy Reviews, Volume 103

Author(s): Frances Judge, Fiona Devoy McAuliffe, Iver Bakken Sperstad, Rachel Chester, Brian Flannery, Katie Lynch, Jimmy Murphy


Simulation and modelling allow a range of offshore wind farm stakeholders to test and improve a project's viability in a cost-effective and safe manner. This paper presents a model developed to conduct detailed financial analysis of an offshore wind farm. It extends the current state of the art by employing stochastic time-series simulation modules performing in-depth analysis of the technologies, strategies and procedures applied during the installation, operation and maintenance, and decommissioning phases of a wind farm lifecycle. The model was designed for versatility and can consider both fixed and floating technologies, a wide variety of strategies, and any site specified by the user. Results include energy production, costs and the duration of activities at each stage. These populate financial spreadsheets, which calculate key performance indicators including the Levelised Cost of Energy. The model has been successfully validated against real-life case-studies where possible; published data; and uses sensitivity analysis to ensure the model is working as expected. Through a case-study, the paper demonstrates how 1) the model enables the identification of key cost and time drivers, facilitating scenario optimisation; 2) the stochastic nature of the model considers the impact of uncertain variables on results such as weather conditions and wind turbine failure rates; 3) the model can be used to assess different business models and financing structures. This comprehensive range of abilities means that the model is suited to a variety of end-users and meets the demands of a growing industry, striving to achieve further cost-reductions across a range of site conditions, technologies and markets.

You might also like
Discover & Discuss Important Research

Keeping up-to-date with research can feel impossible, with papers being published faster than you'll ever be able to read them. That's where Researcher comes in: we're simplifying discovery and making important discussions happen. With over 19,000 sources, including peer-reviewed journals, preprints, blogs, universities, podcasts and Live events across 10 research areas, you'll never miss what's important to you. It's like social media, but better. Oh, and we should mention - it's free.

  • Download from Google Play
  • Download from App Store
  • Download from AppInChina

Researcher displays publicly available abstracts and doesn’t host any full article content. If the content is open access, we will direct clicks from the abstracts to the publisher website and display the PDF copy on our platform. Clicks to view the full text will be directed to the publisher website, where only users with subscriptions or access through their institution are able to view the full article.