In Depth Cost of Energy Analysis of East Coast Offshore Wind Farms

Abstract

As the United States moves closer to constructing its first offshore wind farms, data-based decisions about how to select the most viable project site are crucial. This in-depth study examined both the revenue and costs of three potential wind farms off the East Coast. Multi-year energy time history analyses were performed to determine the energy generation and revenue potential of each site based on local winds and energy pricing. The costs were determined for each site based on characteristics including water depth, distance to shore, and distance from a port. These characteristics formed the basis to estimate the foundation costs, cabling costs, equipment mobilization fees, and other expenses associated with the project. Overall, this study shows that seemingly similar sites can have a very different levelized cost of energy (LCOE) estimates when an in depth analysis is performed.