Multi-parameter analysis and mapping of the levelised cost of energy from floating offshore wind in the Mediterranean Sea

Abstract

Floating offshore wind, far less constrained by water depths than bottom-fixed, has great potential in the Mediterranean Basin. The levelised cost of energy (LCOE) is arguably the single most reliable metric to measure the viability of energy projects. In this work, the levelised cost of energy for floating offshore wind is mapped for the first time in the European and Eastern Mediterranean with a detailed cost breakdown and a focus on semi-submersible platforms. A multi-parameter analysis is conducted in a case study to discern the effects of specific elements on the LCOE. Expressions are formulated as functions of site-specific variables: distance to shore, water depth and annual energy production. The latter is estimated accurately by combining the power curve of an exemplar wind turbine with hindcast, site-specific wind data. The mapping shows the paramount importance of the wind climate, i.e., the resource, for the LCOE. The lowest values (~95 €/MWh) occur where the wind resource is most abundant, i.e., the Gulf of Lion and the Aegean Sea. The highest values (>250 €/MWh) are found where the resource is scarce, i.e., around the Balearic Islands and in the North Adriatic, Tyrrhenian and Levantine Seas. Moderate values of the LCOE (130–180 €/MWh) occur off South Spain (Alboran Sea), Sardinia, Sicily and Malta, and in the South Adriatic. In addition to the local wind resource, other parameters that play a relevant role in the LCOE are those related to the production of energy (number of turbines in the wind farm and installed power), on the one hand, and to substantial sources of costs (cost of turbines and substructure), on the other, as well as the project lifetime and discount rate. These results identify hotspots for the deployment of floating offshore wind in the Mediterranean and opportunities for cost reductions, and contribute to decision-making in a region much in need of renewable energy.