World Wide Wind: more than 40% lower levelized cost of electricity compared to current offshore floating wind solutions

World Wide Wind: more than 40% lower levelized cost of electricity compared to current offshore floating wind solutions

A recent comparative study on levelized cost of electricity (LCOE) performed by the Irish techno-financial analyst, Exceedence Ltd shows that World Wide Wind’s counter-rotating vertical turbine (CRVT) technology can achieve more than 40% improvement on LCOE compared to state-of-the-art floating wind turbines.

Using available cost data from existing floating wind projects, as well as data from DNV and NREL a 480 MW floating wind farm at Utsira, Norway was modelled, comparing a steel and concrete spar design 15 MW horizontal axis wind turbine (HAWT) with the 24 MW turbine design from World Wide Wind (WWW).

The results from the study, using 2024-costs for all input factors were an LCOE of 124 €/MW and 111 €/MW for a HAWT steel and concrete spar design respectively, and 64 €/MW for the WWW turbine.

The design characteristics of the turbine from WWW allows for scaling up significantly beyond 15 MW, which is the biggest size turbine the majority of the industry are designing for today. WWW is targeting to launch a 24 MW turbine in the market before 2030.

Bigger size per turbine means fewer cables and substations. Further, the turbines have fewer moving parts, as well as significantly lower material costs, which all contribute to the cost superiority of WWW’s turbine in the study. A recent analysis performed by 4Subsea AS also concluded that the WWW turbine can achieve equal capacity factor to the conventional solutions. Further, as the WWW turbines have a lower wake effect compared to the HAWT turbines, they can be placed closer together, and hence lead to increased production capacity per area. Wake effects were however not taken into account in the LCOE-study.

“To reach the global climate goals, the world needs all the renewable energy it can get, including offshore floating wind. The industry is however facing major challenges in reaching relevant cost levels – much due to the fact that the wind turbines being used are designed for operating on land. The floating offshore wind industry needs disruptive solutions to become more relevant, and our solution unlocks necessary cost reductions along the entire value chain,” says Bjørn Simonsen, CEO of WWW.

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