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The Economics of Offshire Wind

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  • Richard Green
  • Nicholas Vasilakos

Abstract

This paper presents an overview of the main issues associated with the economics of offshore wind. Investment in offshore wind systems has been growing rapidly throughout Europe, and the technology will be essential in meeting EU targets for renewable energy in 2020. Offshore wind suffers from high installation and connection costs, however, making government support essential. We review various policies used in Europe, concluding that tender-based feed-in tariff schemes, as used in Denmark, may be best for providing adequate support while minimising developers' rents. It may prove economic to build an international offshore grid by connecting wind farms belonging to different countries that are sited close to each other

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File URL: ftp://ftp.bham.ac.uk/pub/RePEc/pdf/10-20.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 10-20.

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Length: 20 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:bir:birmec:10-20

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Postal: Edgbaston, Birmingham, B15 2TT
Web page: http://www.economics.bham.ac.uk
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Keywords: offshore wind power; cost analysis; market trend;

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References

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  1. Richard Green and Nicholas Vasilakos, 2012. "Storing Wind for a Rainy Day: What Kind of Electricity Does Denmark Export?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
  2. Markard, Jochen & Petersen, Regula, 2009. "The offshore trend: Structural changes in the wind power sector," Energy Policy, Elsevier, vol. 37(9), pages 3545-3556, September.
  3. Drake, Ben & Hubacek, Klaus, 2007. "What to expect from a greater geographic dispersion of wind farms?--A risk portfolio approach," Energy Policy, Elsevier, vol. 35(8), pages 3999-4008, August.
  4. Richard Green & Nicholas Vasilakos, 2008. "Market Behaviour with Large Amounts of Intermittent Generation," Discussion Papers 08-08, Department of Economics, University of Birmingham.
  5. Sáenz de Miera, Gonzalo & del Ri­o González, Pablo & Vizcaino, Ignacio, 2008. "Analysing the impact of renewable electricity support schemes on power prices: The case of wind electricity in Spain," Energy Policy, Elsevier, vol. 36(9), pages 3345-3359, September.
  6. Fabien Roques & Céline Hiroux & Marcelo Saguan, 2009. "Optimal Wind Power Deployment in Europe - a Portfolio Approach," RSCAS Working Papers 2009/17, European University Institute.
  7. Klessmann, Corinna & Nabe, Christian & Burges, Karsten, 2008. "Pros and cons of exposing renewables to electricity market risks--A comparison of the market integration approaches in Germany, Spain, and the UK," Energy Policy, Elsevier, vol. 36(10), pages 3646-3661, October.
  8. Sensfuß, Frank & Ragwitz, Mario & Genoese, Massimo, 2008. "The merit-order effect: A detailed analysis of the price effect of renewable electricity generation on spot market prices in Germany," Energy Policy, Elsevier, vol. 36(8), pages 3076-3084, August.
  9. Richard Green & Nicholas Vasilakos, 2011. "The Long-term Impact of Wind Power on Electricity Prices and Generating Capacity," Discussion Papers 11-09, Department of Economics, University of Birmingham.
  10. Twomey, Paul & Neuhoff, Karsten, 2010. "Wind power and market power in competitive markets," Energy Policy, Elsevier, vol. 38(7), pages 3198-3210, July.
  11. Munksgaard, Jesper & Morthorst, Poul Erik, 2008. "Wind power in the Danish liberalised power market--Policy measures, price impact and investor incentives," Energy Policy, Elsevier, vol. 36(10), pages 3940-3947, October.
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Cited by:
  1. Ladenburg, Jacob & Lutzeyer, Sanja, 2012. "The economics of visual disamenity reductions of offshore wind farms—Review and suggestions from an emerging field," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(9), pages 6793-6802.
  2. Mani, Swaminathan & Dhingra, Tarun, 2013. "Critique of offshore wind energy policies of the UK and Germany—What are the lessons for India," Energy Policy, Elsevier, vol. 63(C), pages 900-909.
  3. Gorecki, Paul K., 2011. "The Internal EU Electricity Market: Implications for Ireland," Research Series, Economic and Social Research Institute (ESRI), number RS23, September.
  4. Reichardt, Kristin & Rogge, Karoline, 2014. "How the policy mix and its consistency impact innovation: Findings from company case studies on offshore wind in Germany," Working Papers "Sustainability and Innovation" S7/2014, Fraunhofer Institute for Systems and Innovation Research (ISI).
  5. Locatelli, Giorgio & Mancini, Mauro & Todeschini, Nicola, 2013. "Generation IV nuclear reactors: Current status and future prospects," Energy Policy, Elsevier, vol. 61(C), pages 1503-1520.
  6. Jay, Stephen, 2011. "Mobilising for marine wind energy in the United Kingdom," Energy Policy, Elsevier, vol. 39(7), pages 4125-4133, July.

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