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Open Access Thesis
Master of Science in Mechanical Engineering (M.S.M.E.)
Year Degree Awarded
Month Degree Awarded
To 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.
Costa, Timothy, "Forecasting the Cost of Electricity Generated by Offshore Wind Turbines" (2019). Masters Theses. 765.