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A Parametric Whole Life Cost Model for Offshore Wind Farms

Shafiee, M, Brennan, F, Espinosa, I.A (2016) A Parametric Whole Life Cost Model for Offshore Wind Farms. International Journal of Life Cycle Assessment, 21 . pp. 961-975. ISSN 0948-3349. E-ISSN 1614-7502. (doi:10.1007/s11367-016-1075-z) (Access to this publication is currently restricted. You may be able to access a copy if URLs are provided) (KAR id:79777)

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A combined multivariate regression/neural network approach is developed to identify key cost drivers and evaluate all the costs associated with five phases of offshore wind projects, namely pre-development and consenting (P&C), production and acquisition (P&A), installation and commissioning (I&C), operation and maintenance (O&M) and decommissioning and disposal (D&D). Several critical factors such as geographical location and meteorological conditions, rated power and capacity factor of wind turbines, reliability of sub-systems and availability and accessibility of transportation means are taken into account in cost calculations. The O&M costs (including the cost of renewal and replacement, cost of lost production, cost of skilled maintenance labour and logistics cost) are assessed using the data available in failure databases (e.g. fault logs and O&M reports) and the data supplied by inspection agencies. A net present value (NPV) approach is used to quantify the current value of future cash flows, and then, a bottom-up estimate of the overall cost is obtained.

Results and discussion

The installed capacity of a wind farm, distance from shore and fault detection capability of the condition monitoring system are identified as parameters with significant influence on LCOE. Since the service lifetime of a wind farm is relatively long, a small change in interest rate leads to a large variation in the project’s total cost. The presented models not only assist stakeholders in evaluating the performance of ongoing projects but also help the wind farm developers reduce their costs in the medium–long term.

Item Type: Article
DOI/Identification number: 10.1007/s11367-016-1075-z
Uncontrolled keywords: Capital expenditure (CAPEX); Levelized cost of energy (LCOE); Multivariate regression; Offshore wind farm; Operating expenditure (OPEX); Whole life cost (WLC)
Subjects: T Technology > TJ Mechanical engineering and machinery
V Naval Science > VM Naval architecture. Shipbuilding. Marine engineering
Divisions: Divisions > Division of Computing, Engineering and Mathematical Sciences > School of Engineering and Digital Arts
Depositing User: Mahmood Shafiee
Date Deposited: 24 Jan 2020 19:24 UTC
Last Modified: 16 Feb 2021 14:11 UTC
Resource URI: (The current URI for this page, for reference purposes)
Shafiee, M:
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