scholarly journals Optimal Life Extension Management of Offshore Wind Farms Based on the Modern Portfolio Theory

2021 ◽  
Author(s):  
Baran Yeter ◽  
Yordan Garbatov
Keyword(s):  
Structural Integrity ◽  
Learning Algorithm ◽  
Wind Farms ◽  
Portfolio Theory ◽  
Free Cash Flow ◽  
Economic Life ◽  
Offshore Wind ◽  
Life Extension ◽  
Modern Portfolio Theory ◽  
Offshore Wind Farms

The present study aims to develop a risk-based approach to find optimal solutions for life extension management for offshore wind farms based on Markowitz’s modern portfolio theory, adapted from finance. The developed risk-based approach assumes that the offshore wind turbines (OWT) can be considered as cash-producing tangible assets providing positive return from the initial investment (capital) with a given risk attaining the targeted (expected) return. In this regard, the present study performs a techno-economic life extension analysis within the scope of the multi-objective optimisation problem. The first objective is to maximise the return from the overall wind assets, while the latter aims to minimise the risk associated with obtaining the return. In formulating the multi-dimensional optimisation problem, the life-extension assessment considers the results of a detailed structural integrity analysis, free-cash-flow analysis, and probability of project failure, local and global economic constraints. Further, the risk is identified as the variance from the expected mean of return on investment. The risk-return diagram is utilised to classify the OWTs of different classes using an unsupervised machine learning algorithm. The optimal portfolios for the various required rate of return are recommended for different stages of life extension.

scholarly journals Optimal Life Extension Management of Offshore Wind Farms Based on the Modern Portfolio Theory

Oceans ◽  
2021 ◽  
Vol 2 (3) ◽  
pp. 566-582
Author(s):  
Baran Yeter ◽  
Yordan Garbatov
Keyword(s):  
Structural Integrity ◽  
Learning Algorithm ◽  
Wind Farms ◽  
Portfolio Theory ◽  
Free Cash Flow ◽  
Economic Life ◽  
Offshore Wind ◽  
Life Extension ◽  
Modern Portfolio Theory ◽  
Offshore Wind Farms

The present study aims to develop a risk-based approach to finding optimal solutions for life extension management for offshore wind farms based on Markowitz’s modern portfolio theory, adapted from finance. The developed risk-based approach assumes that the offshore wind turbines (OWT) can be considered as cash-producing tangible assets providing a positive return from the initial investment (capital) with a given risk attaining the targeted (expected) return. In this regard, the present study performs a techno-economic life extension analysis within the scope of the multi-objective optimisation problem. The first objective is to maximise the return from the overall wind assets and the second objective is to minimise the risk associated with obtaining the return. In formulating the multi-dimensional optimisation problem, the life extension assessment considers the results of a detailed structural integrity analysis, a free-cash-flow analysis, the probability of project failure, and local and global economic constraints. Further, the risk is identified as the variance from the expected mean of return on investment. The risk–return diagram is utilised to classify the OWTs of different classes using an unsupervised machine learning algorithm. The optimal portfolios for the various required rates of return are recommended for different stages of life extension.

scholarly journals A Review of Life Extension Strategies for Offshore Wind Farms Using Techno-Economic Assessments

Energies ◽  
2021 ◽  
Vol 14 (7) ◽  
pp. 1936
Author(s):  
Benjamin Pakenham ◽  
Anna Ermakova ◽  
Ali Mehmanparast
Keyword(s):  
Wind Farm ◽  
Oil And Gas ◽  
Wind Farms ◽  
Offshore Wind ◽  
Life Extension ◽  
Financial Model ◽  
Offshore Wind Farms ◽  
Advantages And Disadvantages ◽  
Course Of Action ◽  
Offshore Oil And Gas

The aim of this study is to look into the current information surrounding decommissioning and life extension strategies in the offshore wind sector and critically assess them to make informed decisions upon completion of the initial design life in offshore wind farms. This was done through a two-pronged approach by looking into the technical aspects through comprehensive discussions with industrial specialists in the field and also looking into similar but more mature industries such as the Offshore Oil and Gas sector. For the financial side of the assessment, a financial model was constructed to help portray a possible outcome to extend the life for a current offshore wind farm, using the existing data. By employing a techno-economic approach for critical assessment of life extension strategies, this study demonstrates the advantages and disadvantages of each strategy and looks to inform the offshore wind industry the best course of action for current wind farms, depending on their size and age.

scholarly journals Floating Offshore Vertical Axis Wind Turbines: Opportunities, Challenges and Way Forward

Energies ◽  
2021 ◽  
Vol 14 (23) ◽  
pp. 8000
Author(s):  
Abel Arredondo-Galeana ◽  
Feargal Brennan
Keyword(s):  
Wind Turbines ◽  
Deep Water ◽  
Wind Farm ◽  
Structural Integrity ◽  
Wind Farms ◽  
Vertical Axis ◽  
Offshore Wind ◽  
Small Scale ◽  
Offshore Wind Farms ◽  
Vertical Axis Wind Turbines

The offshore wind sector is expanding to deep water locations through floating platforms. This poses challenges to horizontal axis wind turbines (HAWTs) due to the ever growing size of blades and floating support structures. As such, maintaining the structural integrity and reducing the levelised cost of energy (LCoE) of floating HAWTs seems increasingly difficult. An alternative to these challenges could be found in floating offshore vertical axis wind turbines (VAWTs). It is known that VAWTs have certain advantages over HAWTs, and in fact, some small-scale developers have successfully commercialised their onshore prototypes. In contrast, it remains unknown whether VAWTs can offer an advantage for deep water floating offshore wind farms. Therefore, here we present a multi-criteria review of different aspects of VAWTs to address this question. It is found that wind farm power density and reliability could be decisive factors to make VAWTs a feasible alternative for deep water floating arrays. Finally, we propose a way forward based on the findings of this review.

A Practical Approach to Risk Based Assessment and Maintenance Optimisation of Offshore Wind Farms

2007 ◽  
Author(s):  
Ujjwal R. Bharadwaj ◽  
Julian B. Speck ◽  
Chris J. Ablitt
Keyword(s):  
Decision Making ◽  
Risk Analysis ◽  
Wind Farm ◽  
Net Present Value ◽  
Optimal Solution ◽  
Wind Farms ◽  
Offshore Wind ◽  
Life Extension ◽  
Offshore Wind Turbine ◽  
Offshore Wind Farms

Offshore wind farm managers are under increasing pressure to minimise life cycle costs whilst maintaining reliability or availability targets, and to operate within safety regulation. This paper presents a risk based decision-making methodology for undertaking run-repair-replace decisions with the ultimate aim of maximising the Net Present Value (NPV) of the investment in maintenance. The paper presents the methodology developed for the risk based life management of Offshore Wind farms under the remit of the CORLEX (Cost Reduction and Life Extension of Offshore Wind Farms) project funded by DTI (Department of Trade and Industry, UK) Technology Programme on Renewable Energy. Unlike traditional approaches to decision-making that consider either the probability of failure of a component or the consequence of failure in isolation, a risk-based approach considers both these aspects in combination to arrive at an optimal solution. The paper builds a basic Qualitative Risk Analysis methodology to highlight high-risk components that are then investigated further by a Quantitative Risk Analysis. The risk is now quantified in monetary terms and the time of action — replacement or maintenance — indicated by the model is such that the NPV of the action is maximized. The methodology is demonstrated by considering offshore wind turbine tower as the critical component and corrosion as the damage mechanism.

Disturbance of harbour porpoises during construction of the first seven offshore wind farms in Germany

2018 ◽  
Vol 596 ◽  
pp. 213-232 ◽  
Author(s):  
MJ Brandt ◽  
AC Dragon ◽  
A Diederichs ◽  
MA Bellmann ◽  
V Wahl ◽  
...  
Keyword(s):  
Wind Farms ◽  
Offshore Wind ◽  
Offshore Wind Farms

Feasibility study for the installation of offshore wind farms in the Canary Islands

2009 ◽  
Vol 1 (07) ◽  
pp. 809-813
Author(s):  
M. Martínez ◽  
A. Pulido ◽  
J. Romero ◽  
N. Angulo ◽  
F. Díaz ◽  
...  
Keyword(s):  
Feasibility Study ◽  
Canary Islands ◽  
Wind Farms ◽  
Offshore Wind ◽  
Offshore Wind Farms

scholarly journals Offshore wind farms and the attraction–production hypothesis: insights from a combination of stomach content and stable isotope analyses

Hydrobiologia ◽  
2021 ◽  
Author(s):  
Ninon Mavraki ◽  
Steven Degraer ◽  
Jan Vanaverbeke
Keyword(s):  
Stable Isotope ◽  
Stomach Content ◽  
Wind Farms ◽  
Offshore Wind ◽  
Artificial Reefs ◽  
Dietary Composition ◽  
Trachurus Trachurus ◽  
Offshore Wind Farms ◽  
Scomber Scombrus ◽  
Isotope Analyses

AbstractOffshore wind farms (OWFs) act as artificial reefs, attracting high abundances of fish, which could potentially increase their local production. This study investigates the feeding ecology of fish species that abundantly occur at artificial habitats, such as OWFs, by examining the short- and the long-term dietary composition of five species: the benthopelagic Gadus morhua and Trisopterus luscus, the pelagic Scomber scombrus and Trachurus trachurus, and the benthic Myoxocephalus scorpioides. We conducted combined stomach content and stable isotope analyses to examine the short- and the time-integrated dietary composition, respectively. Our results indicated that benthopelagic and benthic species utilize artificial reefs, such as OWFs, as feeding grounds for a prolonged period, since both analyses indicated that they exploit fouling organisms occurring exclusively on artificial hard substrates. Trachurus trachurus only occasionally uses artificial reefs as oases of highly abundant resources. Scomber scombrus does not feed on fouling fauna and therefore its augmented presence in OWFs is probably related to reasons other than the enhanced food availability. The long-termed feeding preferences of benthic and benthopelagic species contribute to the hypothesis that the artificial reefs of OWFs could potentially increase the fish production in the area. However, this was not supported for the pelagic species.

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