Life cycle cost analysis of a floating wind farm in the Norwegian Sea
Abstract The offshore wind energy industry has witnessed rapid growth in the past decade. Still, there is a lack of commercial floating wind projects due to the relatively high development costs and other factors. To facilitate the holistic evaluation of floating wind farms in Norway, this article i...
Published in: | IOP Conference Series: Materials Science and Engineering |
---|---|
Main Authors: | , , , , |
Format: | Article in Journal/Newspaper |
Language: | unknown |
Published: |
IOP Publishing
2023
|
Subjects: | |
Online Access: | http://dx.doi.org/10.1088/1757-899x/1294/1/012006 https://iopscience.iop.org/article/10.1088/1757-899X/1294/1/012006 https://iopscience.iop.org/article/10.1088/1757-899X/1294/1/012006/pdf |
id |
crioppubl:10.1088/1757-899x/1294/1/012006 |
---|---|
record_format |
openpolar |
spelling |
crioppubl:10.1088/1757-899x/1294/1/012006 2024-06-02T08:12:21+00:00 Life cycle cost analysis of a floating wind farm in the Norwegian Sea Bjørni, F A Lien, S Midtgarden, T Aa Santos, L C Jiang, Z 2023 http://dx.doi.org/10.1088/1757-899x/1294/1/012006 https://iopscience.iop.org/article/10.1088/1757-899X/1294/1/012006 https://iopscience.iop.org/article/10.1088/1757-899X/1294/1/012006/pdf unknown IOP Publishing http://creativecommons.org/licenses/by/3.0/ https://iopscience.iop.org/info/page/text-and-data-mining IOP Conference Series: Materials Science and Engineering volume 1294, issue 1, page 012006 ISSN 1757-8981 1757-899X journal-article 2023 crioppubl https://doi.org/10.1088/1757-899x/1294/1/012006 2024-05-07T13:59:35Z Abstract The offshore wind energy industry has witnessed rapid growth in the past decade. Still, there is a lack of commercial floating wind projects due to the relatively high development costs and other factors. To facilitate the holistic evaluation of floating wind farms in Norway, this article investigates the levelized cost of energy of a floating offshore wind farm and its economic feasibility. The Troll field west of Bergen, Norway, is assumed to be the target offshore site, and a farm size of 50 wind turbines with a lifespan of 25 years are considered. Each floating wind turbine has a 15-megawatt turbine mounted on a semi-submersible floater. Based on detailed analysis, the levelized cost of energy of the wind farm is estimated to be approximately 100.7 $/MWh. The capital expenditure is the most prominent cost and constitutes 63.1% of the total cost, and the operational expenditure constitutes the remaining 36.9%. Further, sensitivity analyses show the influence of the lifespan, capacity factor, and project discount rate on the levelized cost of energy. The present study contributes to techno-economic evaluation of floating wind projects at an early phase. Article in Journal/Newspaper Norwegian Sea IOP Publishing Bergen Norway Norwegian Sea Troll ENVELOPE(13.895,13.895,67.110,67.110) IOP Conference Series: Materials Science and Engineering 1294 1 012006 |
institution |
Open Polar |
collection |
IOP Publishing |
op_collection_id |
crioppubl |
language |
unknown |
description |
Abstract The offshore wind energy industry has witnessed rapid growth in the past decade. Still, there is a lack of commercial floating wind projects due to the relatively high development costs and other factors. To facilitate the holistic evaluation of floating wind farms in Norway, this article investigates the levelized cost of energy of a floating offshore wind farm and its economic feasibility. The Troll field west of Bergen, Norway, is assumed to be the target offshore site, and a farm size of 50 wind turbines with a lifespan of 25 years are considered. Each floating wind turbine has a 15-megawatt turbine mounted on a semi-submersible floater. Based on detailed analysis, the levelized cost of energy of the wind farm is estimated to be approximately 100.7 $/MWh. The capital expenditure is the most prominent cost and constitutes 63.1% of the total cost, and the operational expenditure constitutes the remaining 36.9%. Further, sensitivity analyses show the influence of the lifespan, capacity factor, and project discount rate on the levelized cost of energy. The present study contributes to techno-economic evaluation of floating wind projects at an early phase. |
format |
Article in Journal/Newspaper |
author |
Bjørni, F A Lien, S Midtgarden, T Aa Santos, L C Jiang, Z |
spellingShingle |
Bjørni, F A Lien, S Midtgarden, T Aa Santos, L C Jiang, Z Life cycle cost analysis of a floating wind farm in the Norwegian Sea |
author_facet |
Bjørni, F A Lien, S Midtgarden, T Aa Santos, L C Jiang, Z |
author_sort |
Bjørni, F A |
title |
Life cycle cost analysis of a floating wind farm in the Norwegian Sea |
title_short |
Life cycle cost analysis of a floating wind farm in the Norwegian Sea |
title_full |
Life cycle cost analysis of a floating wind farm in the Norwegian Sea |
title_fullStr |
Life cycle cost analysis of a floating wind farm in the Norwegian Sea |
title_full_unstemmed |
Life cycle cost analysis of a floating wind farm in the Norwegian Sea |
title_sort |
life cycle cost analysis of a floating wind farm in the norwegian sea |
publisher |
IOP Publishing |
publishDate |
2023 |
url |
http://dx.doi.org/10.1088/1757-899x/1294/1/012006 https://iopscience.iop.org/article/10.1088/1757-899X/1294/1/012006 https://iopscience.iop.org/article/10.1088/1757-899X/1294/1/012006/pdf |
long_lat |
ENVELOPE(13.895,13.895,67.110,67.110) |
geographic |
Bergen Norway Norwegian Sea Troll |
geographic_facet |
Bergen Norway Norwegian Sea Troll |
genre |
Norwegian Sea |
genre_facet |
Norwegian Sea |
op_source |
IOP Conference Series: Materials Science and Engineering volume 1294, issue 1, page 012006 ISSN 1757-8981 1757-899X |
op_rights |
http://creativecommons.org/licenses/by/3.0/ https://iopscience.iop.org/info/page/text-and-data-mining |
op_doi |
https://doi.org/10.1088/1757-899x/1294/1/012006 |
container_title |
IOP Conference Series: Materials Science and Engineering |
container_volume |
1294 |
container_issue |
1 |
container_start_page |
012006 |
_version_ |
1800758753327316992 |