scholarly journals Managing the Volatility Risk of Renewable Energy: Index Insurance for Offshore Wind Farms in Taiwan

2021 ◽  
Vol 13 (16) ◽  
pp. 8985
Author(s):  
Shih-Chieh Liao ◽  
Shih-Chieh Chang ◽  
Tsung-Chi Cheng

Renewable energy is produced using renewable natural resources, including wind power. The Taiwan government aims to have renewable energy account for 20% of its total power supply by 2025, in which offshore wind power plays an important role. This paper explores the application of index insurance to renewable energy for offshore wind power in Taiwan. We employ autoregressive integrated moving average models to forecast power generation on a monthly and annual basis for the Changhua Demonstration Offshore Wind Farm. These predictions are based on an analysis of 39 years of hourly wind speed data (1980–2018) from the Modern-Era Retrospective analysis for Research and Applications, Version 2, of the National Aeronautics and Space Administration. The data analysis and forecasting models describe the methodology used to design the insurance contract and its index for predicting offshore wind power generation. We apply our forecasting results to insurance contract pricing.

2021 ◽  
Vol 43 (3) ◽  
pp. 196-205
Author(s):  
Minkyu Park ◽  
Seongjun Park ◽  
Byungcheol Seong ◽  
Yeonjeong Choi ◽  
Sokhee P. Jung

This review comprehensively reviewed floating offshore wind power generation technology, which is being newly developed as a mid- to long-term plan for wind energy. From the perspective of investment per megawatt (MW), offshore wind power is still about 50 percent more expensive than land wind power. Nevertheless, many advanced countries began to investigate the data because they wondered why they were immersed in development and investment, and why offshore wind facilities installed on the beach and floating offshore wind installed in the middle of the sea, unlike the land wind we knew. We looked at the basic principles of offshore wind power generation and the technologies used in facilities, and looked at the advantages and disadvantages of offshore wind power generation compared to land wind power generation, and what differences between fixed offshore wind farms and floating offshore wind farms. It is investigated whether it is a realistic plan to verify residents’ opposition to the installation of offshore wind power facilities, the possibility of commercialization such as high operational management costs, and the feasibility of installing facilities for renewable energy 3020 as mid- to long-term goals. In addition, it compares foreign cases with offshore wind power development complexes in Korea, marine wind power generation complexes in operation, and high wind power in Scotland, the first floating offshore wind power in Ulsan, Korea, to overcome difficulties in installing facilities and suggest directions for domestic offshore wind power development. In addition, in Korea, where there are not many countries suitable for wind power generation unlike overseas, it was decided to investigate whether floating offshore wind power could be the answer as planned. The reason why the government is pushing for investment in renewable energy such as solar power and wind power is because energy sources from the sun are eco-friendly. However, the U.S. and Europe, which started the wind power project early, are having difficulty in handling the wings of wind power generators. The energy source looked at the contradictions caused by environmental pollution in the treatment of waste, although it was environmentally friendly, and investigated how waste was treated and utilized overseas. Compared to other countries that entered the offshore wind power business earlier, domestic power generation projects are in their infancy and should focus on developing technology and co-prosperity with neighboring residents rather than on excessive expansion.


2012 ◽  
Vol 83 ◽  
pp. 167-176 ◽  
Author(s):  
Ning Su Luo

A new constructive solution for the offshore wind power generation is to use floating wind turbines. An offshore wind farm situated sufficiently far away from the coast can generate more wind power and will have a longer operation life since the wind is stronger and more consistent than that on or near the coast. One of the main challenges is to reduce the fatigue of a floating wind turbine so as to guarantee its proper functioning under the constraints imposed by the floating support platforms. This paper will discuss the structural control issues related to the mitigation of dynamic wind and wave loads on the floating wind turbines so as to enhance the offshore wind power generation.


Water ◽  
2021 ◽  
Vol 13 (14) ◽  
pp. 1960
Author(s):  
Hsing-Yu Wang ◽  
Hui-Ming Fang ◽  
Yun-Chih Chiang

In this study, a hydrodynamic model was used that includes the effects of wave–current interactions to simulate the wave and current patterns before and after offshore wind turbine installation in western Taiwan. By simulating the waves and currents after the offshore wind turbine was established, the waves and currents caused by the wind turbine were seen to have a limited range of influence, which is probably within an area about four to five times the size of the diameter (12–15 m) of the foundation structure. Overall, the analysis of the simulation results of the wave and current patterns after the offshore wind turbines were established shows that the underwater foundation only affected the local area near the pile structure. The wind farm (code E) of the research case can be equipped with about 720 cage cultures; if this is extended to other wind farms in the western sea area, it should be possible to produce economic-scale farming operations such as offshore wind power and fisheries. However, this study did not consider the future operation of the entire offshore wind farm. If the operation and maintenance of offshore wind farms are not affected, and if the consent of the developer is obtained, it should be possible to use this method to provide economically large-scale farming areas as a mutually beneficial method for offshore wind power generation and fisheries.


Author(s):  
Takako Fukuyama ◽  
Tsuyoshi Ikeya ◽  
Yukinari Fukumoto

The potential of offshore wind power in Japan is high, because Japan is surrounded by the sea on all sides. For this reason, proving research and planning of wind farms have been conducted in various locations. However the introduction is delayed compared with Europe due to severe natural conditions such as typhoons and swells unique to Japan. Offshore Choshi is one of the suitable sites for wind power generation on the Pacific side, but there is no data about characteristics of high waves required for setting the design conditions and characteristics of low waves required for the construction onsite. Therefore in this research, we aim to establish the design and construction of offshore wind farm adapted to Japan, using wave data obtained by proving research offshore Choshi, to investigate the wave characteristics for wind farm design and construction.


2021 ◽  
Vol 33 (5) ◽  
pp. 179-186
Author(s):  
Gun Hwan Choi ◽  
Mi Jeong Kim ◽  
Ki Ho Jang ◽  
Hyo Seon Kim

We need measures that can come up with alternative about fishery living zone and enhance local acceptance for responding to the increase in the proportion of renewable energy production and construction of 12GW Offshore wind power according to Korea’s Renewable Energy 3020 initiative and Korean-version New Deal. In this study, We suggest that differentiation plans of co-location model in connection with offshore wind power generation suitable for the East Sea. The East Sea is an optimal site for building of a floating offshore wind power generation(FOWPG) field. It is expected that economic effects like energy production, aquatic resource development and tourism industrialization by farming bluefin tuna which is high valued fish and suitable for offshore aquaculture on public waters in FOWPG field. And we can confirm that budget reduction, smart management by sharing operation management technology and increase in fishermen income.


2018 ◽  
Vol 175 ◽  
pp. 03005
Author(s):  
Feng Peilei ◽  
Wu Hesong ◽  
Zhang Mingsheng ◽  
Wan Wenkni

Wind power generation is one of the most mature and most developed conditions for power generation in new energy generation technology.Large capacity and long distance offshore wind power is the trend of future wind power development.Wind power generation is one of the most mature and commercialized power generation methods in the field of renewable energy utilization.Due to the rich characteristics of offshore wind resources and the urgent need for offshore wind power development projects all over the world, the transmission and interconnection of large-scale offshore wind farms has become a hot topic in the development and research of wind power.This paper focuses on the analysis of the reactive power compensation methods for offshore wind farms, and provides a reference for the construction of offshore wind farms.


Author(s):  
Mian Du ◽  
Jun Yi ◽  
Peyman Mazidi ◽  
Lin Cheng ◽  
Jianbo Guo

For offshore wind power generation, accessibility is one of the main factors that has great impact on operation and maintenance due to constraints on weather conditions for marine transportation. This paper presents a framework to explore the accessibility of an offshore site. At first, several maintenance types are defined and taken into account. Next, a data visualization procedure is introduced to provide an insight into the distribution of access periods over time. Then, a rigorous mathematical method based on finite state Markov chain is proposed to assess the accessibility of an offshore site from the maintenance perspective. A five-year weather data of a marine site is used to demonstrate the applicability and the outcomes of the proposed method. The main findings show that the proposed framework is effective in investigating the accessibility for different time scales and is able to catch the patterns of the distribution of the access periods. Moreover, based on the developed Markov chain, the average waiting time for a certain access period can be estimated. With more information on the maintenance of an offshore wind farm, the expected production loss due to time delay can be calculated.


Energies ◽  
2021 ◽  
Vol 14 (8) ◽  
pp. 2058
Author(s):  
Zheren Zhang ◽  
Yingjie Tang ◽  
Zheng Xu

Offshore wind power has great development potential, for which the key factors are reliable and economical wind farms and integration systems. This paper proposes a medium-frequency wind farm and MMC-HVDC integration system. In the proposed scheme, the operating frequency of the offshore wind farm and its power collection system is increased from the conventional 50/60 Hz rate to the medium-frequency range, i.e., 100–400 Hz; the offshore wind power is transmitted to the onshore grid via the modular multilevel converter-based high-voltage direct current transmission (MMC-HVDC). First, this paper explains the principles of the proposed scheme in terms of the system topology and control strategy aspects. Then, the impacts of increasing the offshore system operating frequency on the main parameters of the offshore station are discussed. As the frequency increases, it is shown that the actual value of the electrical equipment, such as the transformers, the arm inductors, and the SM capacitors of the rectifier MMC, can be reduced, which means smaller platforms are required for the step-up transformer station and the converter station. Then, the system operation characteristics are analyzed, with the results showing that the power losses in the system increase slightly with the increase of the offshore AC system frequency. Based on time domain simulation results from power systems computer aided design/electromagnetic transients including DC (PSCAD/EMTDC), it is noted that the dynamic behavior of the system is not significantly affected with the increase of the offshore AC system frequency in most scenarios. In this way, the technical feasibility of the proposed offshore platform miniaturization technology is proven.


Energies ◽  
2021 ◽  
Vol 14 (13) ◽  
pp. 3759
Author(s):  
Kai Huang ◽  
Lie Xu ◽  
Guangchen Liu

A diode rectifier-modular multilevel converter AC/DC hub (DR-MMC Hub) is proposed to integrate offshore wind power to the onshore DC network and offshore production platforms (e.g., oil/gas and hydrogen production plants) with different DC voltage levels. The DR and MMCs are connected in parallel at the offshore AC collection network to integrate offshore wind power, and in series at the DC terminals of the offshore production platform and the onshore DC network. Compared with conventional parallel-connected DR-MMC HVDC systems, the proposed DR-MMC hub reduces the required MMC converter rating, leading to lower investment cost and power loss. System control of the DR-MMC AC/DC hub is designed based on the operation requirements of the offshore production platform, considering different control modes (power control or DC voltage control). System behaviors and requirements during AC and DC faults are investigated, and hybrid MMCs with half-bridge and full-bridge sub-modules (HBSMs and FBSMs) are used for safe operation during DC faults. Simulation results based on PSCAD/EMTDC validate the operation of the DR-MMC hub.


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