Economic Feasibility of Floating Offshore Wind Farms Considering Near Future Wind Resources: Case Study of Iberian Coast and Bay of Biscay

Laura Castro-Santos, Maite deCastro, Xurxo Costoya, Almudena Filgueira-Vizoso, Isabel Lamas-Galdo, Americo Ribeiro, João M. Dias and Moncho Gómez-Gesteira
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Laura Castro-Santos: Departamento de Enxeñaría Naval e Industrial, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain
Maite deCastro: Environmental Physics Laboratory (EphysLab), Centro de Investigacións Mariñas (CIM)-UVIGO, Universidade de Vigo, Edificio Campus da Auga, 32004 Ourense, Spain
Xurxo Costoya: Environmental Physics Laboratory (EphysLab), Centro de Investigacións Mariñas (CIM)-UVIGO, Universidade de Vigo, Edificio Campus da Auga, 32004 Ourense, Spain
Almudena Filgueira-Vizoso: Departamento de Química, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain
Isabel Lamas-Galdo: Departamento de Ciencias da Navegación e Enxeñaría Mariña, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain
Americo Ribeiro: Centro de Estudos do Ambiente e do Mar (CESAM), Physics Department, University of Aveiro, 3810-193 Aveiro, Portugal
João M. Dias: Centro de Estudos do Ambiente e do Mar (CESAM), Physics Department, University of Aveiro, 3810-193 Aveiro, Portugal
Moncho Gómez-Gesteira: Environmental Physics Laboratory (EphysLab), Centro de Investigacións Mariñas (CIM)-UVIGO, Universidade de Vigo, Edificio Campus da Auga, 32004 Ourense, Spain

IJERPH, 2021, vol. 18, issue 5, 1-16

Abstract: Wind energy resources are subject to changes in climate, so the use of wind energy density projections in the near future is essential to determine the viability and profitability of wind farms at particular locations. Thus, a step forward in determining the economic assessment of floating offshore wind farms was taken by considering current and near-future wind energy resources in assessing the main parameters that determine the economic viability (net present value, internal rate of return, and levelized cost of energy) of wind farms. This study was carried out along the Atlantic coast from Brest to Cape St. Vincent. Results show that the future reduction in wind energy density (2%–6%) mainly affects the net present value ( NPV ) of the farm and has little influence on the levelized cost of energy ( LCOE ). This study provides a good estimate of the economic viability of OWFs (Offshore Wind Farms) by taking into account how wind resources can vary due to climate change over the lifetime of the farm.

Keywords: floating offshore wind farms; wind power density; CORDEX future projections; LCOE; NPV; IRR (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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