This report for International Energy Agency Task 26 examines the physical site characteristics, technology choices, and regulatory context driving levelized cost of energy (LCOE) in key countries for offshore wind farms being commissioned in 2017 and 2018.These inputs have been agreed with Task 26 participants and modelling has been conducted by Offshore Renewable Energy Catapult. It is crucial to note that the analysis included in this report is intended to reflect the LCOE for offshore wind projects being commissioned in 2017 and 2018. Technology is changing quickly in the offshore wind industry and projects taking final investment decision in 2017 (to be commissioned in 2020 onward) vary drastically from sites being commissioned in 2017. Much of the publicity surrounding offshore wind relates to auction results or cost estimates for wind farms to be commissioned in the 2020s. This cost reduction can be attributed to progress in several main areas of innovation, including 10-MW + turbines, advanced O&M strategies and market maturity leading to longer life assets with higher power output and a perceived lower risk investment. Although individual project conditions are expected to drive significant variability in costs within a given country, representative country-specific assumptions have been applied one by one to capture the individual impact on LCOE of site characteristics (e.g., wind speed, water depth, and distance from shore), technology choice (e.g., turbine rating, foundation type, and array cable type) and regulatory environment (e.g., cost of capital, tax, socialised development and/or transmission costs, and other regulatory charges).
|Number of pages||71|
|Publication status||Published - 2018|
Noonan, M., Stehly, T., Mora, D., Kitzing, L., Smart, G., Berkhout ,V., Kikuchi, Y., (2018), IEA Wind TCP Task 26: Offshore Wind Energy International Comparative Analysis, Technical Report NREL/TP-6A20-71558, National Renewable Energy Laboratory of the U.S. Department of Energy, Golden, Colorado.