A Decision Support Tool for the Risk Management of Offshore Wind Energy Projects

This paper provides a decision support tool (DST) to analyze and evaluate the project value of offshore wind energy projects within the framework of project finance. The DST is based on a discounted cash-flow model in combination with a Monte Carlo simulation (MCS) to measure project risks and manage these risks. To consider the special requirements of debt capital providers in this context, key figures like the debt service cover ratio (DSCR) are calculated. The DST is realized in Excel/VBA with the Excel Add-In Oracle Crystal Ball. An offshore wind park example in the German North Sea is simulated to validate the underlying simulation model and the DST

The legal framework for offshore wind farms: A critical analysis of the consents process

The impact of the legal framework for the consents process on the rate of development of offshore wind farms in England, and the achievement of targets for renewable electricity generation have been reviewed. From the literature and consulted stakeholders it was found that the complexity of the current consents process has adversely affected the rate of development and the achievement of renewable energy targets. Future projects will be subject to a different legal framework for consents, under the Planning Act 2008 and the Marine and Coastal Access Bill. From a comparison of process diagrams for the current and future consents processes, it is concluded that the future process should be an improvement. However, uncertainties remain about the detailed procedures and operation of the future consenting authorities. The capacity and capability of key stakeholders to meet their obligations have implications for the time frame for the processes of applying for, and the granting of, consents. Furthermore improved engagement from developers and clarity about the role of local authorities are essential if progress is to be made. The need for a holistic and strategic view of the industry, including associated development of the supply chain and the transmission grid, is also highlighted. (C) 2010 Elsevier Ltd. All rights reserved

Massachusetts Offshore Wind Future Cost Study

The Special Initiative on Offshore Wind is an independent project at the University of Delaware's College of Earth, Ocean and Environment that supports the advancement of offshore wind as part of a comprehensive solution to the most pressing energy problems facing the United States.  The Special Initiative on Offshore Wind provides expertise, analysis, information sharing, and strategic partnership with industry, advocacy and government stakeholders to build understanding and drive the deployment of offshore wind

Arctic Standards: Recommendations on Oil Spill Prevention, Response, and Safety in the U.S. Arctic Ocean

Oil spilled in Arctic waters would be particularly difficult to remove. Current technology has not been proved to effectively clean up oil when mixed with ice or when trapped under ice. An oil spill would have a profoundly adverse impact on the rich and complex ecosystem found nowhere else in the United States. The Arctic Ocean is home to bowhead, beluga, and gray whales; walruses; polar bears; and other magnificent marine mammals, as well as millions of migratory birds. A healthy ocean is important for these species and integral to the continuation of hunting and fishing traditions practiced by Alaska Native communities for thousands of years.To aid the United States in its efforts to modernize Arctic technology and equipment standards, this report examines the fierce Arctic conditions in which offshore oil and gas operations could take place and then offers a summary of key recommendations for the Interior Department to consider as it develops world-class, Arctic-specific regulatory standards for these activities. Pew's recommendations call for improved technology,equipment, and procedural requirements that match the challenging conditions in the Arctic and for full public participation and transparency throughout the decision-making process. Pew is not opposed to offshore drilling, but a balance must be achieved between responsible energy development and protection of the environment.It is essential that appropriate standards be in place for safety and for oil spill prevention and response in this extreme, remote, and vulnerable ecosystem. This report recommends updating regulations to include Arctic specific requirements and codifying temporary guidance into regulation. The appendixes to this report provide substantially more detail on the report's recommendations, including technical background documentation and additional referenced materials. Please refer to the full set of appendixes for a complete set of recommendations. This report and its appendixes offer guidelines for responsible hydrocarbon development in the U.S. Arctic Ocean

Marine Spatial Planning: Case Studies

With marine planning developing in many parts of the world, especially the E.U., U.S. and Australia, it is important for industry to be part of the creation of a shared vision for a marine area and the necessary elements (e.g., outreach, funding, boundaries) of such an effort. World Ocean Council, with funding from the Gordon and Betty Moore Foundation, undertook a project to inform and, as appropriate, engage a diverse range of ocean industries on marine planning and encourage the use of credible science and risk assessment.The project identified industry sectors and business categories and researched industry perspectives on marine planning in part through the following five case studies. These case studies were selected to provide a broad range of regions across the globe and MSP examples at different stages of design, implementation, monitoring and adaptive management. The case studies are based on interviews with many private sector and government sector participants of planning processes, online documents, maps and available information, and a review of MSP literature. Stakeholder feedback, benefits and challenges from these five case studies are incorporated into the WOC report Ocean Industries and Marine Planning.

Scenarios for the development of smart grids in the UK: synthesis report

‘Smart grid’ is a catch-all term for the smart options that could transform the ways society produces, delivers and consumes energy, and potentially the way we conceive of these services. Delivering energy more intelligently will be fundamental to decarbonising the UK electricity system at least possible cost, while maintaining security and reliability of supply. Smarter energy delivery is expected to allow the integration of more low carbon technologies and to be much more cost effective than traditional methods, as well as contributing to economic growth by opening up new business and innovation opportunities. Innovating new options for energy system management could lead to cost savings of up to £10bn, even if low carbon technologies do not emerge. This saving will be much higher if UK renewable energy targets are achieved. Building on extensive expert feedback and input, this report describes four smart grid scenarios which consider how the UK’s electricity system might develop to 2050. The scenarios outline how political decisions, as well as those made in regulation, finance, technology, consumer and social behaviour, market design or response, might affect the decisions of other actors and limit or allow the availability of future options. The project aims to explore the degree of uncertainty around the current direction of the electricity system and the complex interactions of a whole host of factors that may lead to any one of a wide range of outcomes. Our addition to this discussion will help decision makers to understand the implications of possible actions and better plan for the future, whilst recognising that it may take any one of a number of forms

Ocean Industries and Marine Planning

Marine planning (marine spatial planning/MSP) is under development as a viable tool to address potential user conflicts in the oceans and allow for better management of ocean uses and resources. With marine planning developing in many parts of the world, especially the E.U., U.S. and Australia, it is important for industry to be part of the creation of a shared vision for a marine area, the discussion regarding whether or not to pursue a planning or other improved management effort, and the necessary elements (e.g., outreach, funding, boundaries) of such an effort. World Ocean Council, with funding from the Gordon and Betty Moore Foundation, undertook a project to inform and, as appropriate, engage a diverse range of ocean industries on marine planning and encourage the use of credible science and risk assessment. With information gathered through literature reviews, case studies, interviews, and outreach, this paper presents potential benefits of and concerns regarding marine planning from the ocean business perspective. It also offers considerations for industry to consider its role in marine planning and for planners on how and why to engage the private sector

Ocean Energy in Belgium - 2019

B

A comparative study of multiple-criteria decision-making methods under stochastic inputs

This paper presents an application and extension of multiple-criteria decision-making (MCDM) methods to account for stochastic input variables. More in particular, a comparative study is carried out among well-known and widely-applied methods in MCDM, when applied to the reference problem of the selection of wind turbine support structures for a given deployment location. Along with data from industrial experts, six deterministic MCDM methods are studied, so as to determine the best alternative among the available options, assessed against selected criteria with a view toward assigning confidence levels to each option. Following an overview of the literature around MCDM problems, the best practice implementation of each method is presented aiming to assist stakeholders and decision-makers to support decisions in real-world applications, where many and often conflicting criteria are present within uncertain environments. The outcomes of this research highlight that more sophisticated methods, such as technique for the order of preference by similarity to the ideal solution (TOPSIS) and Preference Ranking Organization method for enrichment evaluation (PROMETHEE), better predict the optimum design alternative

A Guide to Evaluating Marine Spatial Plans

Marine spatial plans are being developed in over 40 countries around the world, to distribute human activities in marine areas more sustainably and achieve ecological, social, and economic objectives. Monitoring and evaluation are often considered only after a plan has been developed. This guide will help marine planners and managers, monitor and evaluate the success of marine plans in achieving real results and outcomes. This report emphasizes the importance of early integration of monitoring and evaluation in the planning process, the importance of measurable and specific objectives, clear management actions, relevant indicators and targets, and involvement of stakeholders throughout the planning process.