Performance and Cost Analysis of Energy Production from Offshore Wind Turbine
Offshore wind turbine is analyzed theoretically and experimentally for improving wind energy harvesting. The energy produced is calculated at different wind speeds. The wind speed curve is generated by measuring the wind speed on daily base for one year. Curves that show the power extraction for experimental study and from the theoretical calculations are generated. The energy production investigation is expanded over a period of 15 years after comparing the annual energy production in theory and practice. The study shows the cost of energy over the same time period assuming different interest rates. Three time intervals are shown that are 5, 10, and 15 years.
Results show a comparable power harvesting between calculated and extracted power which is around 130 MW per year. The cost analysis shows a reduction in the cost of energy (pence/kWh) as the operating time of the turbine increases. Tables of results show that the cost of electricity produced using the offshore wind turbine for 15 years operating time is 8.36 pence/kWh compared to 16.92 pence/kWh for 5 years operating time. These values are decreased when the interest rate is decreased, where the results as expected show an increase in the values when the interest rate is increased regardless the operating time.