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Publications
Yeter, B., Garbatov, Y. and Guedes Soares, C. (2022), “Analysis of life extension performance metrics for optimal management of offshore wind assets”, Journal of Offshore Mechanics and Arctic Engineering, Vol. 144(5), 052001.
The main objective of the present study is to develop an optimal life extension management strategy for ageing offshore wind farms. To this end, the key metrics to evaluate the life extension performance of an offshore wind farm are investigated. The analysed key performance metrics are gross profit margin, return on asset, compounded annual rate of return of initial investment and levelised cost of energy. The mean value and the standard deviation of each performance metric are calculated within a probabilistic techno-economic assessment framework for a single offshore wind asset, which is later extended to evaluate the whole offshore wind farm by the multi-asset portfolio optimisation. In this regard, the Markowitz modern portfolio theory is applied to estimate a risk-adjusted return parameter, the Sharpe ratio of the overall portfolio of offshore wind assets. Later on, the key performance metrics are compared to identify the most suitable metrics at different stages of life extension and discussed for different offshore wind farm sizes. Furthermore, the optimal management strategy, which maximises the Sharpe ratio of the overall offshore wind farm, is analysed using one of the key performance metrics under optimistic, moderate, and pessimistic scenarios. Finally, the optimal allocation (portfolio) of offshore wind assets attained based on the mean-variance optimisation is presented for the different stages of the life extension of the offshore wind farms accounting for the uncertainty propagation during the life extension. The uncertainty propagation is reflected in the correlation and variability between the offshore wind turbines and their operation.
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