The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands

L. Castro-Santos; Pablo Rubial-Yanez; Isabel Lamas-Galdo; David Cordial Iglesias; Luigi Piegari; Pietro Tricoli; A. Filgueira Vizoso

doi:10.1109/ICCEP57914.2023.10247487

The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands

L. Castro-Santos, Pablo Rubial-Yanez, Isabel Lamas-Galdo, David Cordial Iglesias, Luigi Piegari, Pietro Tricoli, A. Filgueira Vizoso^*

^*Corresponding author for this work

Electronic, Electrical and Systems Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

43 Downloads (Pure)

Abstract

The objective of this work is to calculate the Levelized Cost of Energy (LCOE), Net Present Value (NPV) and the Internal Rate of Return (IRR) of a 700MW floating wind farm located in the Canary Islands. For this, three possible scenarios have been analyzed taking into account the price of steel and each of the economic parameters have been calculated for each of the scenarios, showing that the highest economic variations are related to the IRR and LCOE.

Original language	English
Title of host publication	2023 International Conference on Clean Electrical Power (ICCEP)
Publisher	Institute of Electrical and Electronics Engineers (IEEE)
Pages	612-616
Number of pages	5
ISBN (Electronic)	9798350348378
ISBN (Print)	9798350348385 (PoD)
DOIs	https://doi.org/10.1109/ICCEP57914.2023.10247487
Publication status	Published - 13 Sept 2023
Event	8th International Conference on Clean Electrical Power: Renewable Energy Resources Impact - Terrasini, Sicily, Italy Duration: 27 Jun 2023 → 29 Jun 2023

Publication series

Name	International Conference on Clean Electrical Power
Publisher	IEEE
ISSN (Print)	2471-6189
ISSN (Electronic)	2474-9664

Conference

Conference	8th International Conference on Clean Electrical Power
Abbreviated title	ICCEP 2023
Country/Territory	Italy
Period	27/06/23 → 29/06/23

Bibliographical note

Acknowledgment:
This research was partially funded by Project PID2019-105386RA-I00 "Design of a tool for the selection of offshore renewable energy locations and technologies: application to Spanish territorial waters (SEARENEW)", financed by Ministerio de Ciencia e Innovación – Agencia Estatal de Investigación/10.13039/501100011033.

This research is part of the Project TED2021-132534B-I00 "Characterization of a software to determine the roadmap of the offshore solar energy in the Spanish shore (SEASUN)", financed by MCIN/AEI/10.13039/501100011033 and by the European Union "NextGenerationEU"/PRTR.

Keywords

economic parameters
offshore wind
steel

Access to Document

10.1109/ICCEP57914.2023.10247487

CastroSantosL2023economic
L. Castro-Santos et al., "The economic feasibility of a floating offshore wind energy farm considering different steel prices. The case of study of the Canary Islands," 2023 International Conference on Clean Electrical Power (ICCEP), Terrasini, Italy, 2023, pp. 612-616, doi: 10.1109/ICCEP57914.2023.10247487. © 2023 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Accepted author manuscript, 1.07 MBLicence: Other (please specify with Rights Statement)

Cite this

Castro-Santos, L., Rubial-Yanez, P., Lamas-Galdo, I., Cordial Iglesias, D., Piegari, L., Tricoli, P., & Vizoso, A. F. (2023). The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands. In 2023 International Conference on Clean Electrical Power (ICCEP) (pp. 612-616). Article 10247487 (International Conference on Clean Electrical Power). Institute of Electrical and Electronics Engineers (IEEE). https://doi.org/10.1109/ICCEP57914.2023.10247487

Castro-Santos, L. ; Rubial-Yanez, Pablo ; Lamas-Galdo, Isabel et al. / The economic feasibility of a floating offshore wind energy farm considering different steel prices : The case of study of the Canary Islands. 2023 International Conference on Clean Electrical Power (ICCEP). Institute of Electrical and Electronics Engineers (IEEE), 2023. pp. 612-616 (International Conference on Clean Electrical Power).

@inproceedings{d8e80e8eceae4e598114ddd568b98a29,

title = "The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands",

abstract = "The objective of this work is to calculate the Levelized Cost of Energy (LCOE), Net Present Value (NPV) and the Internal Rate of Return (IRR) of a 700MW floating wind farm located in the Canary Islands. For this, three possible scenarios have been analyzed taking into account the price of steel and each of the economic parameters have been calculated for each of the scenarios, showing that the highest economic variations are related to the IRR and LCOE.",

keywords = "economic parameters, offshore wind, steel",

author = "L. Castro-Santos and Pablo Rubial-Yanez and Isabel Lamas-Galdo and {Cordial Iglesias}, David and Luigi Piegari and Pietro Tricoli and Vizoso, {A. Filgueira}",

note = "Acknowledgment: This research was partially funded by Project PID2019-105386RA-I00 {"}Design of a tool for the selection of offshore renewable energy locations and technologies: application to Spanish territorial waters (SEARENEW){"}, financed by Ministerio de Ciencia e Innovaci{\'o}n – Agencia Estatal de Investigaci{\'o}n/10.13039/501100011033. This research is part of the Project TED2021-132534B-I00 {"}Characterization of a software to determine the roadmap of the offshore solar energy in the Spanish shore (SEASUN){"}, financed by MCIN/AEI/10.13039/501100011033 and by the European Union {"}NextGenerationEU{"}/PRTR.; 8th International Conference on Clean Electrical Power : Renewable Energy Resources Impact, ICCEP 2023 ; Conference date: 27-06-2023 Through 29-06-2023",

year = "2023",

month = sep,

day = "13",

doi = "10.1109/ICCEP57914.2023.10247487",

language = "English",

isbn = "9798350348385 (PoD)",

series = "International Conference on Clean Electrical Power",

publisher = "Institute of Electrical and Electronics Engineers (IEEE)",

pages = "612--616",

booktitle = "2023 International Conference on Clean Electrical Power (ICCEP)",

}

Castro-Santos, L, Rubial-Yanez, P, Lamas-Galdo, I, Cordial Iglesias, D, Piegari, L, Tricoli, P & Vizoso, AF 2023, The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands. in 2023 International Conference on Clean Electrical Power (ICCEP)., 10247487, International Conference on Clean Electrical Power, Institute of Electrical and Electronics Engineers (IEEE), pp. 612-616, 8th International Conference on Clean Electrical Power, Italy, 27/06/23. https://doi.org/10.1109/ICCEP57914.2023.10247487

The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands. / Castro-Santos, L.; Rubial-Yanez, Pablo; Lamas-Galdo, Isabel et al.
2023 International Conference on Clean Electrical Power (ICCEP). Institute of Electrical and Electronics Engineers (IEEE), 2023. p. 612-616 10247487 (International Conference on Clean Electrical Power).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

TY - GEN

T1 - The economic feasibility of a floating offshore wind energy farm considering different steel prices

T2 - 8th International Conference on Clean Electrical Power

AU - Castro-Santos, L.

AU - Rubial-Yanez, Pablo

AU - Lamas-Galdo, Isabel

AU - Cordial Iglesias, David

AU - Piegari, Luigi

AU - Tricoli, Pietro

AU - Vizoso, A. Filgueira

N1 - Acknowledgment: This research was partially funded by Project PID2019-105386RA-I00 "Design of a tool for the selection of offshore renewable energy locations and technologies: application to Spanish territorial waters (SEARENEW)", financed by Ministerio de Ciencia e Innovación – Agencia Estatal de Investigación/10.13039/501100011033. This research is part of the Project TED2021-132534B-I00 "Characterization of a software to determine the roadmap of the offshore solar energy in the Spanish shore (SEASUN)", financed by MCIN/AEI/10.13039/501100011033 and by the European Union "NextGenerationEU"/PRTR.

PY - 2023/9/13

Y1 - 2023/9/13

N2 - The objective of this work is to calculate the Levelized Cost of Energy (LCOE), Net Present Value (NPV) and the Internal Rate of Return (IRR) of a 700MW floating wind farm located in the Canary Islands. For this, three possible scenarios have been analyzed taking into account the price of steel and each of the economic parameters have been calculated for each of the scenarios, showing that the highest economic variations are related to the IRR and LCOE.

AB - The objective of this work is to calculate the Levelized Cost of Energy (LCOE), Net Present Value (NPV) and the Internal Rate of Return (IRR) of a 700MW floating wind farm located in the Canary Islands. For this, three possible scenarios have been analyzed taking into account the price of steel and each of the economic parameters have been calculated for each of the scenarios, showing that the highest economic variations are related to the IRR and LCOE.

KW - economic parameters

KW - offshore wind

KW - steel

U2 - 10.1109/ICCEP57914.2023.10247487

DO - 10.1109/ICCEP57914.2023.10247487

M3 - Conference contribution

SN - 9798350348385 (PoD)

T3 - International Conference on Clean Electrical Power

SP - 612

EP - 616

BT - 2023 International Conference on Clean Electrical Power (ICCEP)

PB - Institute of Electrical and Electronics Engineers (IEEE)

Y2 - 27 June 2023 through 29 June 2023

ER -

Castro-Santos L, Rubial-Yanez P, Lamas-Galdo I, Cordial Iglesias D, Piegari L, Tricoli P et al. The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands. In 2023 International Conference on Clean Electrical Power (ICCEP). Institute of Electrical and Electronics Engineers (IEEE). 2023. p. 612-616. 10247487. (International Conference on Clean Electrical Power). doi: 10.1109/ICCEP57914.2023.10247487

The economic feasibility of a floating offshore wind energy farm considering different steel prices: The case of study of the Canary Islands

Abstract

Publication series

Conference

Bibliographical note

Keywords

Access to Document

Fingerprint

Cite this