Detailed mapping of technical capacities and economics potential of offshore wind energy: A case study in South-eastern Australia

Qiang Gao, Jennifer A. Hayward, Nataliia Sergiienko, Salman Saeed Khan, Mark Hemer, Nesimi Ertugrul and Boyin Ding

Renewable and Sustainable Energy Reviews, 2024, vol. 189, issue PA

Abstract: Australia has significant offshore wind resources that can support ever-increasing power demand and hence provide a long-term contribution to the net-zero target by 2050. Although some offshore wind farm projects are proposed in Australia, the industry is not mature enough to justify the benefits and display economic opportunities. More specifically, the techno-economic analysis of offshore wind energy has not been systematically mapped in Australia. Therefore, the investigation of the spatial variation of technical feasibility and economic potential of offshore wind is vital to identify the potential regions and to develop strategies for future offshore wind farm developments in Australia. This paper presents detailed mappings of the techno-economic potential of offshore wind energy in Victoria-Tasmania’s exclusive economic zone. Offshore wind energy resources are assessed in the paper in terms of energy availability and variability and the feasibility of various offshore wind technologies is investigated, including turbines, foundation types and transmission topologies. In addition, the high-fidelity life-cycle cost models and two innovative evaluation matrices are developed to assess the economic potential of offshore energy farms in South-eastern Australia. The impact of local power system regulation costs and future carbon prices on the viability of offshore wind is also investigated in this paper. It is concluded that the detailed mapping approach and analysis in the paper can provide a systematic tool for industry partners, investors and policymakers at the pre-planning stage of developing offshore renewable energy systems.

Keywords: Offshore wind energy; Mapping; Technical feasibility; Life-cycle cost; Levelized avoided cost of energy; Revenue modelling (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (2)

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DOI: 10.1016/j.rser.2023.113872

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