Assessing the economical impact of innovations for offshore wind farms through a holistic modelling approach

Abstract

In this work, a holistic modelling approach is developed and applied to the valuation of innovations in offshore wind energy. Two innovations are considered: 1) a more accurate modelling of vessel movement related to operations and maintenance activities and 2) an operational strategy for market participation. In both cases, a standard process was followed of first mapping the effects of the technologies on wind energy system's levels, then assessing them through development and augmentation of a holistic cost and valuation model. The process is demonstrated for each innovation and quantifies their potential impacts to LCoE and NPV respectively. The models and methods can be extended to other innovations for quantitative assessment of potential benefits.