After reviewing the evolution of cost and engineering design models for offshore wind, and meeting with industry experts, a prototype software tool called OFWIC – Offshore Wind Integrated Cost Model was built and tested. It is a comprehensive system model that analyzes the cost of energy under uncertainty. It is also a multidisciplinary design optimization tool that includes nested optimization algorithms to discover the most economically viable system design. The contribution of OFWIC to the research literature is mainly the integration of disparate engineering and financial methodologies to allow system-level optimization and COE estimation under uncertainty, to address the issues described above.
For prospective investors, regulators, and other stakeholders in proposed offshore projects, a consensus-driven, open source methodology of this type may become increasingly important.
The dissertation provides a detailed walk-thru of the model architecture, including current limitations related to data availability and computational tractability. Also, an independent case study of the proposed Cape Wind site in the U.S. is analyzed.
For detailed information please see the dissertation.
Ozkan D., (2010), “Financial Analysis and Cost Optimization of Offshore Wind Energy under Uncertainty and in Deregulated Power Markets”, Washington DC, The George Washington University, Ph.D.