ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS
The objective of the present study is to investigate systematically the key metrics to evaluate the life extension performance of offshore wind farm operations. Finding the appropriate performance metric for an operation is essential for a durable, reliable, and profitable offshore wind farm operati...
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American Society of Mechanical Engineers
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ftalborgunivpubl:oai:pure.atira.dk:publications/c91101b2-2285-4453-81dc-f115c1d03f18 2024-06-23T07:48:24+00:00 ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS Yeter, Baran Garbatov, Yordan Soares, Carlos Guedes 2022 https://vbn.aau.dk/da/publications/c91101b2-2285-4453-81dc-f115c1d03f18 https://doi.org/10.1115/OMAE2022-78184 http://www.scopus.com/inward/record.url?scp=85140799606&partnerID=8YFLogxK eng eng American Society of Mechanical Engineers https://vbn.aau.dk/da/publications/c91101b2-2285-4453-81dc-f115c1d03f18 urn:ISBN:9780791885864 info:eu-repo/semantics/restrictedAccess Yeter , B , Garbatov , Y & Soares , C G 2022 , ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS . in Structures, Safety, and Reliability . , V002T02A059 , American Society of Mechanical Engineers , Proceedings of the International Conference on Offshore Mechanics and Arctic Engineering - OMAE , vol. 2 , ASME 2022 41st International Conference on Ocean, Offshore and Arctic Engineering, OMAE 2022 , Hamburg , Germany , 05/06/2022 . https://doi.org/10.1115/OMAE2022-78184 Life extension mean-variance optimization monopile offshore wind turbine structural integrity contributionToPeriodical 2022 ftalborgunivpubl https://doi.org/10.1115/OMAE2022-78184 2024-06-03T15:41:51Z The objective of the present study is to investigate systematically the key metrics to evaluate the life extension performance of offshore wind farm operations. Finding the appropriate performance metric for an operation is essential for a durable, reliable, and profitable offshore wind farm operation. The analyzed key performance metrics are gross profit margin, return on asset, compounded annual rate of return of initial investment and levelized cost of energy. The mean value and standard deviation of each performance metric are calculated within a probabilistic techno-economic assessment framework for a single offshore wind asset, which is later extended to evaluate the whole offshore wind farm by a multi-asset portfolio optimization. The Markowitz modern portfolio theory is applied to estimate the maximum risk-adjusted ratio and Sharpe ratio, for the key performance metrics. Subsequently, the key performance metrics are compared to identify the most suitable metrics at different stages of the life extension. Moreover, the present study investigates the effect of different uncertainty levels associated with the stochastic variables in the techno-economic assessment. Finally, the suitability of performance metrics is analyzed and discussed for different offshore wind farm sizes and related recommendations are given. Article in Journal/Newspaper Arctic Aalborg University's Research Portal Volume 2: Structures, Safety, and Reliability |
institution |
Open Polar |
collection |
Aalborg University's Research Portal |
op_collection_id |
ftalborgunivpubl |
language |
English |
topic |
Life extension mean-variance optimization monopile offshore wind turbine structural integrity |
spellingShingle |
Life extension mean-variance optimization monopile offshore wind turbine structural integrity Yeter, Baran Garbatov, Yordan Soares, Carlos Guedes ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS |
topic_facet |
Life extension mean-variance optimization monopile offshore wind turbine structural integrity |
description |
The objective of the present study is to investigate systematically the key metrics to evaluate the life extension performance of offshore wind farm operations. Finding the appropriate performance metric for an operation is essential for a durable, reliable, and profitable offshore wind farm operation. The analyzed key performance metrics are gross profit margin, return on asset, compounded annual rate of return of initial investment and levelized cost of energy. The mean value and standard deviation of each performance metric are calculated within a probabilistic techno-economic assessment framework for a single offshore wind asset, which is later extended to evaluate the whole offshore wind farm by a multi-asset portfolio optimization. The Markowitz modern portfolio theory is applied to estimate the maximum risk-adjusted ratio and Sharpe ratio, for the key performance metrics. Subsequently, the key performance metrics are compared to identify the most suitable metrics at different stages of the life extension. Moreover, the present study investigates the effect of different uncertainty levels associated with the stochastic variables in the techno-economic assessment. Finally, the suitability of performance metrics is analyzed and discussed for different offshore wind farm sizes and related recommendations are given. |
format |
Article in Journal/Newspaper |
author |
Yeter, Baran Garbatov, Yordan Soares, Carlos Guedes |
author_facet |
Yeter, Baran Garbatov, Yordan Soares, Carlos Guedes |
author_sort |
Yeter, Baran |
title |
ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS |
title_short |
ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS |
title_full |
ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS |
title_fullStr |
ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS |
title_full_unstemmed |
ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS |
title_sort |
analysis of life extension performance metrics for offshore wind assets |
publisher |
American Society of Mechanical Engineers |
publishDate |
2022 |
url |
https://vbn.aau.dk/da/publications/c91101b2-2285-4453-81dc-f115c1d03f18 https://doi.org/10.1115/OMAE2022-78184 http://www.scopus.com/inward/record.url?scp=85140799606&partnerID=8YFLogxK |
genre |
Arctic |
genre_facet |
Arctic |
op_source |
Yeter , B , Garbatov , Y & Soares , C G 2022 , ANALYSIS OF LIFE EXTENSION PERFORMANCE METRICS FOR OFFSHORE WIND ASSETS . in Structures, Safety, and Reliability . , V002T02A059 , American Society of Mechanical Engineers , Proceedings of the International Conference on Offshore Mechanics and Arctic Engineering - OMAE , vol. 2 , ASME 2022 41st International Conference on Ocean, Offshore and Arctic Engineering, OMAE 2022 , Hamburg , Germany , 05/06/2022 . https://doi.org/10.1115/OMAE2022-78184 |
op_relation |
https://vbn.aau.dk/da/publications/c91101b2-2285-4453-81dc-f115c1d03f18 urn:ISBN:9780791885864 |
op_rights |
info:eu-repo/semantics/restrictedAccess |
op_doi |
https://doi.org/10.1115/OMAE2022-78184 |
container_title |
Volume 2: Structures, Safety, and Reliability |
_version_ |
1802638826780229632 |