Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 32722
Economic Evaluation Offshore Wind Project under Uncertainly and Risk Circumstances

Authors: Sayed Amir Hamzeh Mirkheshti


Offshore wind energy as a strategic renewable energy, has been growing rapidly due to availability, abundance and clean nature of it. On the other hand, budget of this project is incredibly higher in comparison with other renewable energies and it takes more duration. Accordingly, precise estimation of time and cost is needed in order to promote awareness in the developers and society and to convince them to develop this kind of energy despite its difficulties. Occurrence risks during on project would cause its duration and cost constantly changed. Therefore, to develop offshore wind power, it is critical to consider all potential risks which impacted project and to simulate their impact. Hence, knowing about these risks could be useful for the selection of most influencing strategies such as avoidance, transition, and act in order to decrease their probability and impact. This paper presents an evaluation of the feasibility of 500 MV offshore wind project in the Persian Gulf and compares its situation with uncertainty resources and risk. The purpose of this study is to evaluate time and cost of offshore wind project under risk circumstances and uncertain resources by using Monte Carlo simulation. We analyzed each risk and activity along with their distribution function and their effect on the project.

Keywords: Wind energy project; uncertain resources; risks; Monte Carlo simulation.

Digital Object Identifier (DOI):

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 726


[1] Khahro SF, Tabbassum K, Soomro AM, Dong L, Liao XZ. Evaluation of wind power production prospective and Weibull parameter estimation methods for Babaurband, Sindh Pakistan. Energy Convers Manag 2014;78:956–67.
[2] Global Wind Energy Council (GWEC): Global offshore. Available from: 〈http://〉.
[3] The current situation of the development of global offshore wind. Available from: 〈〉.
[4] Sawyer S. Global Wind Energy Council (GWEC): Global offshore. Current status and future prospects. Energy & Environment Management; 2012.15pp.Availablefrom: 〈〉.
[5] Jamieson Peter. Innovation in wind turbine design. John Wiley & Sons; 2011.
[6] Emre Uraz. Offshore wind turbine transportation & installation analyses. Planning optimal marine operations for offshore wind projects, 2011.
[7] Huang YF, Gan XJ, Chiueh PT. Life cycle assessment and net energy analysis of offshore wind power systems. Renewable Energy 102 (2017) 98-106.
[8] Higgins P, Foley A. The evolution of offshore wind power in the United Kingdom. Renewable Sustainable Energy Rev 2014;37:599–612.
[9] Shi W, Han J,Ch Kim, Lee D,Shin H, Park H. Feasibility study of offshore wind turbine substructures for southwest offshore wind farm project in Korea. Renewable Energy 2015;74:406–13.
[10] Von Neumann, John, Various Techniques Used in Connection with Random Digits, U.S. Department of Commerce, National Bureau of Standards, Applied Mathematics Series 12, 1951.
[11] Bilgili M, Yasar A, Simsek E. Offshore wind power development in Europe and its comparison with onshore counterpart. Renewable Sustainable Energy Rev 2011;15(2):905–15.
[12] Lackner M, Rotea M. Structural control of floating wind turbines. Mechatronics 2011;21:704–19.
[13] Jonkman JM. Dynamics Modeling and Loads Analysis of an Offshore Floating Wind Turbine. Available online. NREL 2007.