Improved maintenance optimization of offshore wind systems considering effects of government subsidies, lost production and discounted cost model

Thi Anh Tuyet Nguyen and Shuo-Yan Chou

Energy, 2019, vol. 187, issue C

Abstract: One of the most critical impediments of developing offshore wind systems is the high maintenance cost that reduces the cost-effectiveness of projects. To increase the cost-effectiveness of offshore wind energy, an effective solution is to reduce the overall maintenance cost by improving the efficiency of maintenance activities. Although maintenance optimization is crucial for improving cost-effectiveness, no model in the literature has analyzed the effects of government subsidies, the time value of money, the cost of lost power generation, and location on the optimal maintenance schedule. This study proposes an approach for thoroughly investigating the effects of various factors such as government subsidies, the time value of money, lost power generation, and location on maintenance cost. A dynamic approach was developed to determine the optimal maintenance schedule with the objective of minimizing the present maintenance cost on the time horizon. The results demonstrated that the optimal maintenance schedule varied according to changes in government subsidies under the influence of the time value of money. Moreover, the effect on the maintenance schedule became greater when government subsidies increased.

Keywords: Offshore wind system; Government subsidy; Time value of money; Maintenance schedule; Production loss; Maintenance optimization (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:187:y:2019:i:c:s0360544219315877

DOI: 10.1016/j.energy.2019.115909

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