Levelized cost of energy (with application to floating offshore wind turbines)

Stella Tsani, Chrysoula Chitou and Constantine Michailides

Chapter 79 in Elgar Encyclopedia of Energy Economics, 2025, pp 302-306 from Edward Elgar Publishing

Abstract: This entry defines the levelized cost of energy (LCOE) and discusses application and estimation advances with reference to floating offshore wind turbines (FOWTs). The LCOE is crucial for assessing the economic viability of energy projects. It encompasses various cost categories and their evolution over the economic lifetime of the project. Factors influencing the LCOE for FOWTs include wind resource, water depth, operation, maintenance, financing, and regulatory costs. Technological advancements and economies of scale play a significant role in cost reduction over time. Existing LCOE estimates for FOWTs vary in magnitude, indicating differentials in estimation methods, geographical variations, and project parameters. Challenges in LCOE estimations regard the incorporation of socio-economic and environmental costs and benefits. Future research should focus on the integrated estimation of the LCOE to include socio-economic and environmental considerations.

Keywords: Levelized Cost of Energy; LCOE; Floating Offshore Wind Turbine; Cost–Benefit (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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