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

Laura Castro-Santos and Almudena Filgueira-Vizoso
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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

IJERPH, 2019, vol. 17, issue 1, 1-19

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.

Keywords: feasibility study; offshore wind; levelized cost of energy (LCOE); wave energy; software (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2019
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