Sensitivity analysis of major replacement rates and costs for floating wind farms

Preprint submitted to RENEW 2024 conference. 

Operation and maintenance is crucial for reducing the levelised cost of energy of floating offshore wind farms. With turbines increasing in size and being located further offshore in harsher conditions, replacing major components becomes more complex. There is also significant uncertainty in the rates and costs of major replacements. This paper presents a comprehensive sensitivity analysis of these factors. A novel semi-dynamic operation and maintenance-aware techno-economic model is introduced, using multiphase Markov models to characterise the operational lifespan of a wind farm. The analysis reveals that the levelised cost of energy in Portugal is approximately 124 €/MWh, with operating expenditures accounting for 14.37% of the levelised cost of energy. However, varying failure rates and costs can increase the levelised cost of energy to 141.88 €/MWh, with operating expenses rising to 25%.