Abstract
This paper presented an optimization based analysis to minimize the levelized cost of energy to find the effective cost model based on different offshore wind energy cost parameter. A numerical study is carried out to demonstrate the model. India is fast growing country in the economy but it is still in its initial stage where policy frameworks are formed by MNRE and getting with the tools to enter into the offshore market. The energy potential along the Indian coastal region (Shallow water region i.e. less than 50m water depth) is immense and it is approximately equal to 42% of present wind power capacity. Generation cost of 1 MWh or KWh of electricity is an important consideration for development and operation of any wind farm. This study examines the economic keys regarding cost for offshore wind farms to formulate an effective cost model so that we can get optimal solution for levelized production cost. In this paper, the optimization model is solved by using CONOPT solver in GAMS. The results obtained by solving problem with GAMS are better and effective in terms of LPC.
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