Publication:
Forecasting the Cost of Electricity Generated by Offshore Wind Turbines

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dc.contributor.advisorErin Baker
dc.contributor.advisorMatthew Lackner
dc.contributor.advisorJames Manwell
dc.contributor.authorCosta, Timothy
dc.contributor.departmentUniversity of Massachusetts Amherst
dc.contributor.departmentMechanical Engineering
dc.date2023-09-23T23:06:46.000
dc.date.accessioned2024-04-26T18:26:23Z
dc.date.available2024-04-26T18:26:23Z
dc.date.submittedMay
dc.date.submitted2019
dc.description.abstractTo impede the progress of climate change, many policy makers are considering avenues to decarbonize electricity production. In addition to decarbonization, policy makers must consider how the cost of electricity will impact various stakeholders, balancing cost and social benefits. Offshore wind farms have the potential to produce affordable, carbon-free electricity, but they are a relatively new technology. The relative juvenescence of offshore wind lends itself to an uncertain future, regarding production costs. In this thesis, we seek to understand cost drivers behind offshore wind electricity by analyzing historic trends in offshore wind levelized cost of electricity (LCOE) through learning curves, characterizing how learning from producing a technology can lead to decreases in production costs. Additionally, we explore how the maturity of component technologies can affect the learning rate, and consequently the benefits of learning, of offshore wind. Finally, we create a robust data set to inform decision makers and researchers by marrying historic data to forward-looking expert elicitations.
dc.description.degreeMaster of Science in Mechanical Engineering (M.S.M.E.)
dc.identifier.doihttps://doi.org/10.7275/14154953
dc.identifier.orcidhttps://orcid.org/0000-0003-2361-2125
dc.identifier.urihttps://hdl.handle.net/20.500.14394/33815
dc.relation.urlhttps://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1805&context=masters_theses_2&unstamped=1
dc.source.statuspublished
dc.subjectOffshore Wind
dc.subjectLearning Curve
dc.subjectLCOE
dc.subjectExpert Elicitations
dc.subjectMechanical Engineering
dc.subjectOperations Research, Systems Engineering and Industrial Engineering
dc.titleForecasting the Cost of Electricity Generated by Offshore Wind Turbines
dc.typeopenaccess
dc.typearticle
dc.typethesis
digcom.contributor.authorisAuthorOfPublication|email:tim.tcosta@gmail.com|institution:University of Massachusetts Amherst|Costa, Timothy
digcom.identifiermasters_theses_2/765
digcom.identifier.contextkey14154953
digcom.identifier.submissionpathmasters_theses_2/765
dspace.entity.typePublication
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