Mobile QR Code QR CODE : The Transactions of the Korean Institute of Electrical Engineers
Title Economic Evaluation of Offshore Wind Farm in Korea
Authors 민창기(Min, Chang-Gi) ; 허돈(Hur, Don) ; 박종근(Park, Jong Keun)
DOI https://doi.org/10.5370/KIEE.2014.63.9.1192
Page pp.1192-1198
ISSN 1975-8359
Keywords Economic Evaluation ; Offshore Wind Farm ; Offshore Wind Farm Infrastructure
Abstract With an increase in the penetration of offshore wind farm, the need of an accurate economic evaluation of offshore wind farm has become crucial. This paper presents an economic evaluation method of offshore wind farm in Korea reflecting the cost of offshore wind farm infrastructure (offshore substation, submarine cable and foundation) in its cost model. Each cost of offshore substation, submarine cable, and foundation is represented as a function of installed capacity, distance to shore, and water level, respectively. We have applied the method to the case study of offshore in Jeju Island and analyzed the economics under various conditions. The results show that the distance to shore is of importance in economics of offshore wind farm.