Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1
The main objective of this study is to develop an optimal life extension management strategy for ageing offshore wind farms. Finding the appropriate performance metric for an operation is essential for a durable, reliable, and profitable offshore wind farm operation. To this end, the key metrics to...
Published in: | Journal of Offshore Mechanics and Arctic Engineering |
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ftalborgunivpubl:oai:pure.atira.dk:publications/56f5b482-30fc-45cc-9aca-e7e75f2d3ed4 2024-06-23T07:48:29+00:00 Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 Yeter, Baran Garbatov, Yordan Guedes Soares, C. 2022-10-01 https://vbn.aau.dk/da/publications/56f5b482-30fc-45cc-9aca-e7e75f2d3ed4 https://doi.org/10.1115/1.4054708 http://www.scopus.com/inward/record.url?scp=85132975287&partnerID=8YFLogxK eng eng https://vbn.aau.dk/da/publications/56f5b482-30fc-45cc-9aca-e7e75f2d3ed4 info:eu-repo/semantics/restrictedAccess Yeter , B , Garbatov , Y & Guedes Soares , C 2022 , ' Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 ' , Journal of Offshore Mechanics and Arctic Engineering , vol. 144 , no. 5 , 052001 . https://doi.org/10.1115/1.4054708 Life extension Mean-variance optimisation Modern portfolio theory Offshore safety and reliability Offshore wind turbine Operational management Structural safety and risk analysis article 2022 ftalborgunivpubl https://doi.org/10.1115/1.4054708 2024-06-03T15:41:51Z The main objective of this study is to develop an optimal life extension management strategy for ageing offshore wind farms. Finding the appropriate performance metric for an operation is essential for a durable, reliable, and profitable offshore wind farm operation. To this end, the key metrics to evaluate the life extension performance of an offshore wind farm are investigated. The mean value and the standard deviation of each performance metric are calculated using a probabilistic techno-economic assessment framework for a single offshore wind asset, which is later extended to evaluate the whole offshore wind farm by the multi-asset portfolio optimization. In this regard, the Markowitz modern portfolio theory is applied to estimate a risk-adjusted return parameter, the Sharpe ratio of the overall portfolio of offshore wind assets. Later on, the key performance metrics are compared to identify the most suitable metrics at different stages of life extension, and a further discussion is given for different offshore wind farm sizes. Moreover, the optimal management strategy, which maximizes the Sharpe ratio of the overall offshore wind farm, is analyzed using one of the key performance metrics under optimistic, moderate, and pessimistic scenarios. Finally, the optimal allocation (portfolio) of offshore wind assets attained based on the mean-variance optimization is presented for the different stages of the life extension of the offshore wind farms accounting for the uncertainty propagation during the life extension. Article in Journal/Newspaper Arctic Aalborg University's Research Portal Journal of Offshore Mechanics and Arctic Engineering 144 5 |
institution |
Open Polar |
collection |
Aalborg University's Research Portal |
op_collection_id |
ftalborgunivpubl |
language |
English |
topic |
Life extension Mean-variance optimisation Modern portfolio theory Offshore safety and reliability Offshore wind turbine Operational management Structural safety and risk analysis |
spellingShingle |
Life extension Mean-variance optimisation Modern portfolio theory Offshore safety and reliability Offshore wind turbine Operational management Structural safety and risk analysis Yeter, Baran Garbatov, Yordan Guedes Soares, C. Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 |
topic_facet |
Life extension Mean-variance optimisation Modern portfolio theory Offshore safety and reliability Offshore wind turbine Operational management Structural safety and risk analysis |
description |
The main objective of this study is to develop an optimal life extension management strategy for ageing offshore wind farms. Finding the appropriate performance metric for an operation is essential for a durable, reliable, and profitable offshore wind farm operation. To this end, the key metrics to evaluate the life extension performance of an offshore wind farm are investigated. The mean value and the standard deviation of each performance metric are calculated using a probabilistic techno-economic assessment framework for a single offshore wind asset, which is later extended to evaluate the whole offshore wind farm by the multi-asset portfolio optimization. In this regard, the Markowitz modern portfolio theory is applied to estimate a risk-adjusted return parameter, the Sharpe ratio of the overall portfolio of offshore wind assets. Later on, the key performance metrics are compared to identify the most suitable metrics at different stages of life extension, and a further discussion is given for different offshore wind farm sizes. Moreover, the optimal management strategy, which maximizes the Sharpe ratio of the overall offshore wind farm, is analyzed using one of the key performance metrics under optimistic, moderate, and pessimistic scenarios. Finally, the optimal allocation (portfolio) of offshore wind assets attained based on the mean-variance optimization is presented for the different stages of the life extension of the offshore wind farms accounting for the uncertainty propagation during the life extension. |
format |
Article in Journal/Newspaper |
author |
Yeter, Baran Garbatov, Yordan Guedes Soares, C. |
author_facet |
Yeter, Baran Garbatov, Yordan Guedes Soares, C. |
author_sort |
Yeter, Baran |
title |
Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 |
title_short |
Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 |
title_full |
Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 |
title_fullStr |
Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 |
title_full_unstemmed |
Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 |
title_sort |
analysis of life extension performance metrics for optimal management of offshore wind assets1 |
publishDate |
2022 |
url |
https://vbn.aau.dk/da/publications/56f5b482-30fc-45cc-9aca-e7e75f2d3ed4 https://doi.org/10.1115/1.4054708 http://www.scopus.com/inward/record.url?scp=85132975287&partnerID=8YFLogxK |
genre |
Arctic |
genre_facet |
Arctic |
op_source |
Yeter , B , Garbatov , Y & Guedes Soares , C 2022 , ' Analysis of Life Extension Performance Metrics for Optimal Management of Offshore Wind Assets1 ' , Journal of Offshore Mechanics and Arctic Engineering , vol. 144 , no. 5 , 052001 . https://doi.org/10.1115/1.4054708 |
op_relation |
https://vbn.aau.dk/da/publications/56f5b482-30fc-45cc-9aca-e7e75f2d3ed4 |
op_rights |
info:eu-repo/semantics/restrictedAccess |
op_doi |
https://doi.org/10.1115/1.4054708 |
container_title |
Journal of Offshore Mechanics and Arctic Engineering |
container_volume |
144 |
container_issue |
5 |
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1802638885686083584 |