Estimation of LCOE Ranges and Analysis of Cost Components for Korean Fixed-Bottom Offshore Wind Farms

Keon-Woo Lee; Kyung-Nam Ko

doi:10.7836/kses.2023.43.4.055

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2023 Vol.43, Issue 4 Preview Page Next Page

Research Article

Estimation of LCOE Ranges and Analysis of Cost Components for Korean Fixed-Bottom Offshore Wind Farms 국내 고정식 해상풍력발전단지의 LCOE의 범위 추정과 비용구성요소 분석

30 August 2023. pp. 55-66

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Abstract

The levelized cost of energy (LCOE) was estimated for Korean fixed-bottom offshore wind farms. The actual financial data of the two offshore wind farms were collected from the Data Analysis, Retrieval and Transfer System (DART) of the Korean Financial Supervisory Service and categorized to calculate capital expenditure (CapEx) and operational expenditure (OpEx). The CapExs of the three offshore wind farms in the planning stage were added to those of the two actual wind farms. A capacity factor (CF) of 30% was assumed for this study, and a discount rate of 4.5% was used, which is the Korean social discount rate. Two cases were considered for estimating the LCOE using the actual OpEx data of the two Korean offshore wind farms (Case 1) and the ratio of OpEx to CapEx of the world (Case 2). A Monte Carlo simulation (MCS) was performed to estimate the LCOEs, because the financial data were not sufficient to compute the real data. CapEx, OpEx, and the ratio were extracted as random numbers for MCS. To clarify the features of the cost components of offshore wind farms, the LCOE was divided into levelized fixed costs (LFC) and levelized variable costs (LVC). Consequently, the LCOEs for Cases 1 and 2 are 189 and 193 USD/MWh, respectively. The LVC for the two cases were 65 and 57 USD/MWh, respectively. The LCOE of Korean offshore wind farms was higher than that worldwide, except for that of Japan.

Keywords

Wind energy

LCOE

LFC

LVC

Offshore wind farm

MCS

키워드

풍력에너지

균등화 발전비용

균등화 고정비용

균등화 변동비용

해상풍력발전단지

몬테카를로 시뮬레이션

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Information

Publisher :Korean Solar Energy Society
Publisher(Ko) :한국태양에너지학회
Journal Title :Journal of the Korean Solar Energy Society
Journal Title(Ko) :한국태양에너지학회 논문집
Volume : 43
No :4
Pages :55-66
Received Date : 2023-03-06
Revised Date : 2023-06-01
Accepted Date : 2023-07-12
DOI :https://doi.org/10.7836/kses.2023.43.4.055

Journal of the Korean Solar Energy Society 한국태양에너지학회 논문집 ISSN:1598-6411(Print) 2508-3562(Online)

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