Levelized cost of energy to evaluate the economic viability of floating offshore wind in the European Atlantic and Mediterranean

Abstract

Floating offshore wind presents great potential in the European Atlantic and Mediterranean. This work explores the economic viability of floating offshore wind projects by means of the levelized cost of energy with a site-specific method. A mapping of the costs of energy for the European Atlantic and Mediterranean is carried out, detailing all the expenditures and calculating the energy production based on site-specific wind climates. In this manner, the main drivers of the economic viability are identified and directly compared in Atlantic and Mediterranean Europe. The major drivers of the costs of energy are those directly tied to energy output of the farm, most notably the available wind resource. Other important parameters are the quantity of turbines, their rated power, and substantial sources of costs – prominently, the turbines and substructures. Regions with the smallest costs of energy (∼95 EUR/MWh) are those featuring the greatest wind resource: off Great Britain, Ireland, over the North Sea, NW Iberian Peninsula, the Gulf of Lyon and Aegean Sea.