Analysis of the economic feasibility of different floating offshore renewable energies in Canary Islands

Abstract

The aim of this paper is to study the suitability of different floating offshore energy technologies in a particular location in economic terms. In this context, their main initial investments and expenses have been taken into account in order to calculate the economic indicators of the economic feasibility study. These indicators are Internal Rate of Return, Net Present Value and Levelized Cost Of Energy. The case study has evaluated the Canary Islands (Spain) and three types of floating offshore renewable energies: offshore wind, wave energy and hybrid systems. The method created generates economic maps, which facilitates the election of the best area where install offshore renewable energy farms in the location selected. In addition, it also allows to select what is the best marine technology to be exploited in this area.