PROSPECTS AND ECONOMICS OF FLOATING OFFSHORE WIND TURBINE SYSTEMS

Abstract

In recent years, floating offshore wind turbines (FOWT) have attracted more attention as a new renewable energy resource while bottom-fixed offshore wind turbines (BOWT) reach their limit of water depth. Various projects have been proposed with the rapid increase in installed floating wind power capacity, but the economic aspect remains as a biggest issue. To figure out sensible approaches for saving costs, a comparison analysis of the levelized cost of electricity (LCOE) between FOWT and BOWT was carried out. A cost break-down and a literature review analysis were used to itemize the costs into its various components in each level. After emphasizing the cost-reduction advantages of a FOWT, its LCOE outlook is provided to give a brief overview in the following years. Finally, some estimated cost drivers, such as economics of scale, wind turbine rating, etc are outlined as proposals for floating wind LCOE reduction.