IDEAS home Printed from https://ideas.repec.org/a/gam/jijerp/v17y2019i1p218-d302704.html
   My bibliography  Save this article

A Software for Calculating the Economic Aspects of Floating Offshore Renewable Energies

Author

Listed:
  • Laura Castro-Santos

    (Departamento de Enxeñaría Naval e Industrial, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain)

  • Almudena Filgueira-Vizoso

    (Departamento de Química, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain)

Abstract

The aim of this work is to develop a software to calculate the economic parameters so as to determine the feasibility of a floating offshore renewable farm in a selected location. The software can calculate the economic parameters of several types of offshore renewable energies, as follows: one renewable energy (floating offshore wind—WindFloat, tension leg platform (TLP), and spar; floating wave energy—Pelamis and AquaBuoy), hybrid offshore wind and wave systems (Wave Dragon and W2Power), and combined offshore wind and waves with different systems (independent arrays, peripherally distributed arrays, uniformly distributed arrays, and non-uniformly distributed arrays). The user can select several inputs, such as the location, configuration of the farm, type of floating offshore platform, type of power of the farm, life-cycle of the farm, electric tariff, capital cost, corporate tax, steel cost, percentage of financing, or interest and capacity of the shipyard. The case study is focused on the Galicia region (NW of Spain). The results indicate the economic feasibility of a farm of floating offshore renewable energy in a particular location in terms of its costs, levelized cost of energy (LCOE), internal rate of return (IRR), net present value (NPV), and discounted pay-back period. The tool allows for establishing conclusions about the dependence of the offshore wind resource parameters, the main distances (farm–shore, farm–shipyard, and farm–port), the parameters of the waves, and the bathymetry of the area selected.

Suggested Citation

  • Laura Castro-Santos & Almudena Filgueira-Vizoso, 2019. "A Software for Calculating the Economic Aspects of Floating Offshore Renewable Energies," IJERPH, MDPI, vol. 17(1), pages 1-19, December.
    • Handle: RePEc:gam:jijerp:v:17:y:2019:i:1:p:218-:d:302704
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1660-4601/17/1/218/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1660-4601/17/1/218/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. Myhr, Anders & Bjerkseter, Catho & Ågotnes, Anders & Nygaard, Tor A., 2014. "Levelised cost of energy for offshore floating wind turbines in a life cycle perspective," Renewable Energy, Elsevier, vol. 66(C), pages 714-728.
    5. Schillings, Christoph & Wanderer, Thomas & Cameron, Lachlan & van der Wal, Jan Tjalling & Jacquemin, Jerome & Veum, Karina, 2012. "A decision support system for assessing offshore wind energy potential in the North Sea," Energy Policy, Elsevier, vol. 49(C), pages 541-551.
    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. Dunnett, David & Wallace, James S., 2009. "Electricity generation from wave power in Canada," Renewable Energy, Elsevier, vol. 34(1), pages 179-195.
    8. 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.
    9. 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.
    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. 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.
    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. 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.
    4. Laura Castro-Santos & Almudena Filgueira-Vizoso & Carlos Álvarez-Feal & Luis Carral, 2018. "Influence of Size on the Economic Feasibility of Floating Offshore Wind Farms," Sustainability, MDPI, vol. 10(12), pages 1-13, November.
    5. Chenglong Guo & Wanan Sheng & Dakshina G. De Silva & George Aggidis, 2023. "A Review of the Levelized Cost of Wave Energy Based on a Techno-Economic Model," Energies, MDPI, vol. 16(5), pages 1-30, February.
    6. 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.
    7. Clark, Caitlyn E. & Miller, Annalise & DuPont, Bryony, 2019. "An analytical cost model for co-located floating wind-wave energy arrays," Renewable Energy, Elsevier, vol. 132(C), pages 885-897.
    8. Kamarlouei, M. & Gaspar, J.F. & Calvario, M. & Hallak, T.S. & Mendes, M.J.G.C. & Thiebaut, F. & Guedes Soares, C., 2022. "Experimental study of wave energy converter arrays adapted to a semi-submersible wind platform," Renewable Energy, Elsevier, vol. 188(C), pages 145-163.
    9. Laura Castro-Santos & Dina Silva & A. Rute Bento & Nadia Salvação & C. Guedes Soares, 2018. "Economic Feasibility of Wave Energy Farms in Portugal," Energies, MDPI, vol. 11(11), pages 1-16, November.
    10. Ophelie Choupin & Michael Henriksen & Amir Etemad-Shahidi & Rodger Tomlinson, 2021. "Breaking-Down and Parameterising Wave Energy Converter Costs Using the CapEx and Similitude Methods," Energies, MDPI, vol. 14(4), pages 1-27, February.
    11. Enrico Giglio & Ermando Petracca & Bruno Paduano & Claudio Moscoloni & Giuseppe Giorgi & Sergej Antonello Sirigu, 2023. "Estimating the Cost of Wave Energy Converters at an Early Design Stage: A Bottom-Up Approach," Sustainability, MDPI, vol. 15(8), pages 1-39, April.
    12. Kamranzad, Bahareh & Hadadpour, Sanaz, 2020. "A multi-criteria approach for selection of wave energy converter/location," Energy, Elsevier, vol. 204(C).
    13. Judge, Frances & McAuliffe, Fiona Devoy & Sperstad, Iver Bakken & Chester, Rachel & Flannery, Brian & Lynch, Katie & Murphy, Jimmy, 2019. "A lifecycle financial analysis model for offshore wind farms," Renewable and Sustainable Energy Reviews, Elsevier, vol. 103(C), pages 370-383.
    14. Carpintero Moreno, Efrain & Stansby, Peter, 2019. "The 6-float wave energy converter M4: Ocean basin tests giving capture width, response and energy yield for several sites," Renewable and Sustainable Energy Reviews, Elsevier, vol. 104(C), pages 307-318.
    15. Eva Segura & Rafael Morales & José A. Somolinos, 2019. "Increasing the Competitiveness of Tidal Systems by Means of the Improvement of Installation and Maintenance Maneuvers in First Generation Tidal Energy Converters—An Economic Argumentation," Energies, MDPI, vol. 12(13), pages 1-27, June.
    16. Wang, Zhifeng & Dong, Sheng & Li, Xue & Guedes Soares, C., 2016. "Assessments of wave energy in the Bohai Sea, China," Renewable Energy, Elsevier, vol. 90(C), pages 145-156.
    17. Dalton, Gordon & Bardócz, Tamás & Blanch, Mike & Campbell, David & Johnson, Kate & Lawrence, Gareth & Lilas, Theodore & Friis-Madsen, Erik & Neumann, Frank & Nikitas, Nikitakos & Ortega, Saul Torres &, 2019. "Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 107(C), pages 338-359.
    18. Javier Serrano González & Manuel Burgos Payán & Jesús Manuel Riquelme Santos & Ángel Gaspar González Rodríguez, 2021. "Optimal Micro-Siting of Weathervaning Floating Wind Turbines," Energies, MDPI, vol. 14(4), pages 1-19, February.
    19. Ren, Nianxin & Ma, Zhe & Shan, Baohua & Ning, Dezhi & Ou, Jinping, 2020. "Experimental and numerical study of dynamic responses of a new combined TLP type floating wind turbine and a wave energy converter under operational conditions," Renewable Energy, Elsevier, vol. 151(C), pages 966-974.
    20. Manuel Corrales-Gonzalez & George Lavidas & Giovanni Besio, 2023. "Feasibility of Wave Energy Harvesting in the Ligurian Sea, Italy," Sustainability, MDPI, vol. 15(11), pages 1-22, June.

    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:jijerp:v:17:y:2019:i:1:p:218-:d:302704. 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 (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.