IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v9y2016i5p324-d69075.html

Methodology to Calculate the Costs of a Floating Offshore Renewable Energy Farm

Author

Listed:
  • Laura Castro-Santos

    (Integrated Group for Engineering Research, Centro de Investigacións Tecnolóxicas, Departamento de Enxeñaría Naval e Oceánica, Escola Politécnica Superior, Universidade da Coruña, Campus de Ferrol, 15471 Ferrol, Spain)

  • Elson Martins

    (Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Tecnico, Universidade de Lisboa, Av Rovisco Pais, 1049-001 Lisbon, Portugal)

  • C. Guedes Soares

    (Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Tecnico, Universidade de Lisboa, Av Rovisco Pais, 1049-001 Lisbon, Portugal)

Abstract

This paper establishes a general methodology to calculate the life-cycle cost of floating offshore renewable energy devices, applying it to wave energy and wind energy devices. It is accounts for the contributions of the six main phases of their life-cycle: concept definition, design and development, manufacturing, installation, exploitation and dismantling, the costs of which have been defined. Moreover, the energy produced is also taken into account to calculate the Levelized Cost of Energy of a floating offshore renewable energy farm. The methodology proposed has been applied to two renewable energy devices: a floating offshore wave energy device and a floating offshore wind energy device. Two locations have been considered: Aguçadoura and São Pedro de Moel, both in Portugal. Results indicate that the most important cost in terms of the life-cycle of a floating offshore renewable energy farm is the exploitation cost, followed by the manufacturing and the installation cost. In addition, the best area in terms of costs is the same independently of the type of floating offshore renewable energy considered: Aguçadoura. However, the results in terms of Levelized Cost of Energy are different: Aguçadoura is better when considering wave energy technology and the São Pedro de Moel region is the best option when considering floating wind energy technology. The method proposed aims to give a direct approach to calculate the main life-cycle cost of a floating offshore renewable energy farm. It helps to assess its feasibility and evaluating the relevant characteristics that influence it the most.

Suggested Citation

  • Laura Castro-Santos & Elson Martins & C. Guedes Soares, 2016. "Methodology to Calculate the Costs of a Floating Offshore Renewable Energy Farm," Energies, MDPI, vol. 9(5), pages 1-27, April.
    • Handle: RePEc:gam:jeners:v:9:y:2016:i:5:p:324-:d:69075
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/9/5/324/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/9/5/324/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Levitt, Andrew C. & Kempton, Willett & Smith, Aaron P. & Musial, Walt & Firestone, Jeremy, 2011. "Pricing offshore wind power," Energy Policy, Elsevier, vol. 39(10), pages 6408-6421, October.
    2. Möller, Bernd & Hong, Lixuan & Lonsing, Reinhard & Hvelplund, Frede, 2012. "Evaluation of offshore wind resources by scale of development," Energy, Elsevier, vol. 48(1), pages 314-322.
    3. Bahaj, AbuBakr S., 2011. "Generating electricity from the oceans," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(7), pages 3399-3416, September.
    4. Snyder, Brian & Kaiser, Mark J., 2009. "A comparison of offshore wind power development in europe and the U.S.: Patterns and drivers of development," Applied Energy, Elsevier, vol. 86(10), pages 1845-1856, October.
    5. Silva, Dina & Bento, A. Rute & Martinho, Paulo & Guedes Soares, C., 2015. "High resolution local wave energy modelling in the Iberian Peninsula," Energy, Elsevier, vol. 91(C), pages 1099-1112.
    6. Dina Silva & Eugen Rusu & Carlos Guedes Soares, 2013. "Evaluation of Various Technologies for Wave Energy Conversion in the Portuguese Nearshore," Energies, MDPI, vol. 6(3), pages 1-21, March.
    7. López, Iraide & Andreu, Jon & Ceballos, Salvador & Martínez de Alegría, Iñigo & Kortabarria, Iñigo, 2013. "Review of wave energy technologies and the necessary power-equipment," Renewable and Sustainable Energy Reviews, Elsevier, vol. 27(C), pages 413-434.
    8. Prässler, Thomas & Schaechtele, Jan, 2012. "Comparison of the financial attractiveness among prospective offshore wind parks in selected European countries," Energy Policy, Elsevier, vol. 45(C), pages 86-101.
    9. Gualtieri, Giovanni & Secci, Sauro, 2012. "Methods to extrapolate wind resource to the turbine hub height based on power law: A 1-h wind speed vs. Weibull distribution extrapolation comparison," Renewable Energy, Elsevier, vol. 43(C), pages 183-200.
    10. Sun, Xiaojing & Huang, Diangui & Wu, Guoqing, 2012. "The current state of offshore wind energy technology development," Energy, Elsevier, vol. 41(1), pages 298-312.
    11. Mueller, Markus & Wallace, Robin, 2008. "Enabling science and technology for marine renewable energy," Energy Policy, Elsevier, vol. 36(12), pages 4376-4382, December.
    12. Snyder, Brian & Kaiser, Mark J., 2009. "Ecological and economic cost-benefit analysis of offshore wind energy," Renewable Energy, Elsevier, vol. 34(6), pages 1567-1578.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Castro-Santos, Laura & Martins, Elson & Guedes Soares, C., 2016. "Cost assessment methodology for combined wind and wave floating offshore renewable energy systems," Renewable Energy, Elsevier, vol. 97(C), pages 866-880.
    2. Castro-Santos, Laura & Martins, Elson & Guedes Soares, C., 2017. "Economic comparison of technological alternatives to harness offshore wind and wave energies," Energy, Elsevier, vol. 140(P1), pages 1121-1130.
    3. Cuadra, L. & Salcedo-Sanz, S. & Nieto-Borge, J.C. & Alexandre, E. & Rodríguez, G., 2016. "Computational intelligence in wave energy: Comprehensive review and case study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 58(C), pages 1223-1246.
    4. Satir, Mert & Murphy, Fionnuala & McDonnell, Kevin, 2018. "Feasibility study of an offshore wind farm in the Aegean Sea, Turkey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P2), pages 2552-2562.
    5. Ho, Lip-Wah & Lie, Tek-Tjing & Leong, Paul TM & Clear, Tony, 2018. "Developing offshore wind farm siting criteria by using an international Delphi method," Energy Policy, Elsevier, vol. 113(C), pages 53-67.
    6. Zeyringer, Marianne & Fais, Birgit & Keppo, Ilkka & Price, James, 2018. "The potential of marine energy technologies in the UK – Evaluation from a systems perspective," Renewable Energy, Elsevier, vol. 115(C), pages 1281-1293.
    7. Voormolen, J.A. & Junginger, H.M. & van Sark, W.G.J.H.M., 2016. "Unravelling historical cost developments of offshore wind energy in Europe," Energy Policy, Elsevier, vol. 88(C), pages 435-444.
    8. Nagababu, Garlapati & Kachhwaha, Surendra Singh & Savsani, Vimal, 2017. "Estimation of technical and economic potential of offshore wind along the coast of India," Energy, Elsevier, vol. 138(C), pages 79-91.
    9. Lin, Yifan & Dong, Sheng & Wang, Zhifeng & Guedes Soares, C., 2019. "Wave energy assessment in the China adjacent seas on the basis of a 20-year SWAN simulation with unstructured grids," Renewable Energy, Elsevier, vol. 136(C), pages 275-295.
    10. Mustapa, M.A. & Yaakob, O.B. & Ahmed, Yasser M. & Rheem, Chang-Kyu & Koh, K.K. & Adnan, Faizul Amri, 2017. "Wave energy device and breakwater integration: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 43-58.
    11. Américo S. Ribeiro & Maite deCastro & Liliana Rusu & Mariana Bernardino & João M. Dias & Moncho Gomez-Gesteira, 2020. "Evaluating the Future Efficiency of Wave Energy Converters along the NW Coast of the Iberian Peninsula," Energies, MDPI, vol. 13(14), pages 1-15, July.
    12. Luis M. Abadie & José M. Chamorro, 2014. "Valuation of Wind Energy Projects: A Real Options Approach," Energies, MDPI, vol. 7(5), pages 1-38, May.
    13. Zountouridou, E.I. & Kiokes, G.C. & Chakalis, S. & Georgilakis, P.S. & Hatziargyriou, N.D., 2015. "Offshore floating wind parks in the deep waters of Mediterranean Sea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 51(C), pages 433-448.
    14. Laura Castro-Santos & Ana Rute Bento & Carlos Guedes Soares, 2020. "The Economic Feasibility of Floating Offshore Wave Energy Farms in the North of Spain," Energies, MDPI, vol. 13(4), pages 1-19, February.
    15. Lovich, Jeffrey E. & Ennen, Joshua R., 2013. "Assessing the state of knowledge of utility-scale wind energy development and operation on non-volant terrestrial and marine wildlife," Applied Energy, Elsevier, vol. 103(C), pages 52-60.
    16. Castro-Santos, Laura & Filgueira-Vizoso, Almudena & Carral-Couce, Luis & Formoso, José Ángel Fraguela, 2016. "Economic feasibility of floating offshore wind farms," Energy, Elsevier, vol. 112(C), pages 868-882.
    17. Bertram, D.V. & Tarighaleslami, A.H. & Walmsley, M.R.W. & Atkins, M.J. & Glasgow, G.D.E., 2020. "A systematic approach for selecting suitable wave energy converters for potential wave energy farm sites," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    18. Mostafaeipour, Ali, 2010. "Feasibility study of offshore wind turbine installation in Iran compared with the world," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(7), pages 1722-1743, September.
    19. Francisco Haces-Fernandez & Hua Li & David Ramirez, 2018. "Assessment of the Potential of Energy Extracted from Waves and Wind to Supply Offshore Oil Platforms Operating in the Gulf of Mexico," Energies, MDPI, vol. 11(5), pages 1-25, April.
    20. Li, Qinzhang & Ning, Dezhi & Chen, Lifen & Wang, Rongquan, 2026. "Hydrodynamic investigation on a cylindrical OWC wave energy converter equipped with a local energy concentration device," Energy, Elsevier, vol. 344(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:9:y:2016:i:5:p:324-:d:69075. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.