Floating Wind Turbine - Economics

Economics

"Technically, the feasibility of deepwater wind turbines is not questioned as long-term survivability of floating structures has already been successfully demonstrated by the marine and offshore oil industries over many decades. However, the economics that allowed the deployment of thousands of offshore oil rigs have yet to be demonstrated for floating wind turbine platforms. For deepwater wind turbines, a floating structure will replace pile-driven monopoles or conventional concrete bases that are commonly used as foundations for shallow water and land-based turbines. The floating structure must provide enough buoyancy to support the weight of the turbine and to restrain pitch, roll and heave motions within acceptable limits. The capital costs for the wind turbine itself will not be significantly higher than current marinized turbine costs in shallow water. Therefore, the economics of deepwater wind turbines will be determined primarily by the additional costs of the floating structure and power distribution system, which are offset by higher offshore winds and close proximity to large load centres (e.g. shorter transmission runs)."

As of 2009 however, the economic feasibility of shallow-water offshore wind technologies is more completely understood. With empirical data obtained from fixed-bottom installations off many countries for over a decade now, representative costs are well understood. Shallow-water turbines cost between 2.4 and 3 million United States dollars per megawatt to install, according to the World Energy Council.

As of 2009, the practical feasibility and per-unit economics of deep-water, floating-turbine offshore wind is yet to be seen. Initial deployment of single full-capacity turbines in deep-water locations began only in 2009.

As of October 2010, new feasibility studies are supporting that floating turbines are becoming both technically and economically viable in the UK and global energy markets. "The higher up-front costs associated with developing floating wind turbines would be offset by the fact that they would be able to access areas of deep water off the coastline of the UK where winds are stronger and reliable."

The recent Offshore Valuation study conducted in the UK has confirmed that using just one third of the UK's wind, wave and tidal resource could generate energy equivalent to 1 billion barrels of oil per year; the same as North Sea oil and gas production. Some of the primary challenges are the coordination needed to develop transmission lines.