Session: 02-07-01 Reliability of Renewable Energy Systems

Paper Number: 78184

78184 - Analysis of Life Extension Performance Metrics for Offshore Wind Assets 

The objective of the present study is to investigate systematically the key metrics used for measuring the life extension performance of offshore wind turbines. Firstly, common key performance metrics are introduced, and the benefits of each metric are discussed. In this regard, the intrinsic value (net present value), return on invested capital, return on equity, internal rate of return, levelised cost of energy, pre-tax profit margin, hurdle rate (weighted average cost of capital), Jensen's alpha and profitability index are investigated. The main goal of the present paper is to identify the most suitable performance metrics to evaluate the performance of the offshore wind farm at different stages of life extension. Further, the expected return and deviation from the expected return are estimated based on techno-economic analysis, providing the revenue and operating expense. Within the scope of the techno-economic study, the remaining life predictions are used for condition-based maintenance strategies and the criticality of degradation based on different damage-tolerance-based thresholds. Additionally  a new damage-tolerant operability thresholds are developed based on the probabilistic structural integrity analysis, aiming to mitigate the risk of the offshore wind project Finally, the risk-adjusted return of offshore wind assets and the optimal life-cycle management are discussed through the mean-variance optimisation.     

Presenting Author: Baran Yeter Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico

Authors:

Baran Yeter Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico
Yordan Garbatov Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico
Carlos Guedes Soares Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico