Sensitivity analysis on the levelized cost of energy for floating offshore wind farms

In this paper, a sensitivity analysis is performed on the levelized cost of energy (LCOE) for floating offshore wind farms (FOWFs). The analysis is carried out for three floating wind turbine concepts and three different offshore sites. At first, a methodology is presented for calculating the LCOE for a specific FOWF. Afterwards, the base LCOE values for each of the floating wind turbine concepts and sites are obtained. The sensitivity analysis includes over 325 input parameters that are studied in order to identify the ones that most influence the LCOE. Furthermore, a complementary sensitivity analysis is performed by varying the input parameters based on uncertainty ranges provided by each of the concept designers. This serves to obtain maximum and minimum LCOE variation limits and possible cost reduction potentials. It has been observed that the capital cost related parameters such as turbine, substructure and mooring system manufacturing cost as well as power cable cost are some of the most influencing parameters besides common parameters such as the discount rate and energy losses. The LCOE variation limits obtained in this study vary between 67(sic)/MWh and 135(sic)/MWh among the different concepts and offshore sites including offshore transmission costs.