Economic Feasibility of Floating Offshore Wind Farms in the North of Spain

Laura Castro-Santos,Dina Silva,Nadia Salvação,A Rute Bento,C Guedes Soares

doi:10.3390/jmse8010058

Laura Castro-Santos, Dina Silva + Show 3 more

Open Access

https://doi.org/10.3390/jmse8010058

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Abstract

This paper assesses the economic feasibility of offshore wind farms installed in deep waters considering their internal rate of return (IRR), net present value (NPV), and levelized cost of energy (LCOE). The method proposed has three phases: geographic phase, economic phase, and restrictions phase. The purpose of the geographic step is to obtain the input values, which will be used in the economic phase. Then, the economic parameters are calculated considering the inputs provided previously. Finally, the bathymetric restriction is added to the economic maps. The case study focused on the Cantabric and North-Atlantic coasts of Spain, areas that have not been studied previously in economic terms regarding floating offshore wind technology. Moreover, several alternatives have been considered, taking into account the type of floating offshore wind structure and the electric tariff. Results indicate which is the best floating offshore wind structure with respect to LCOE, IRR, and NPV, and where is the best location for the connection of a floating offshore wind farm in the region selected.

Highlights

The North of Spain has a great onshore and offshore wind potential
It is essential to increase the use of renewable energies in Spain to achieve the objective of the European Union (EU) for 2020 for the electricity production of renewable energies [1], the objectives of its own Renewable Energy Plan 2011–2020 [2], and in order to have an electricity mix [3] and reduce the traditional energy sources [4], which generate greenhouse emissions [5]
Regarding Spain’s onshore wind energy potential in Europe, the country ranks second in power installed in the EU during recent years [6]

Summary

Introduction

The North of Spain has a great onshore and offshore wind potential. it is essential to increase the use of renewable energies in Spain to achieve the objective of the European Union (EU) for 2020 for the electricity production of renewable energies [1], the objectives of its own Renewable Energy Plan 2011–2020 [2], and in order to have an electricity mix [3] and reduce the traditional energy sources [4], which generate greenhouse emissions [5]. Experimental studies, and prototypes [26,27], there are two main sorts of offshore wind structures considering the kind of platform that supports the offshore wind turbine In this sense, platforms can be fixed (monopiles [28], tripod [29], jackets [30], gravity-based foundations [31]) or floating [32,33] (semisubmersible [34], tensioned leg platforms (TLP) [35,36], spar [37,38]). Considering the characteristics of the Spanish continental waters, the best option is to use floating offshore wind platforms In this context, several floating offshore wind platforms have been tested during recent years: a spar platform called Hywind, installed by Statoil in Norway [31], and a semisubmersible platform called WindFloat [40] in Portugal are the most representative devices. This study will be the first economic analysis of the whole North of Spain regarding floating offshore wind

Procedure

Restrictions Phase

Case of Study

Results