This deliverable, D7.9 LCOE Analysis for baseline project scenarios, aims to present the baseline financial models built in the Exceedence software, ExFin, and exported to a summary report for a range of combined offshore renewable energy projects, based on data provided by the consortium partners and from wider industry information.
This report introduces the metric Levelised Cost of Electricity (LCOE), used by the energy industry as a metric to compare different methods of electricity generation on a comparable basis per kWh or per MWh. LCOE is sensitive to a number of factors such as availability, survivability, affordability, and performance, which can all impact on LCOE either positively or negatively.
This report introduces the Exceedence financial analysis software, ExFin, which is a cloud based standardised techno-financial software tool allowing the user to quickly and intuitively build, analyse and optimise any number of renewable energy projects and then presents them in a sophisticated analysis and comparison dashboard. This report introduces the baseline LCOE, installed capacities and future targets for offshore wind, distinguishing between fixed and floating wind, offshore floating photovoltaic and wave energy.
A generic fixed offshore wind project has been built using the Exceedence financial analysis software, and a project summary PDF has been generated to show the inputs and resulting outputs of this project. Similar summary PDFs will be created in future deliverables under EU-SCORES for wave, offshore photovoltaic, and combined projects.
A combined visual has also been created to show the different sector LCOE ranges along with plotting the specific targets for the wave energy developer CorPower Ocean and the offshore solar developer Oceans of Energy.
Finally, this report introduces hybrid energy parks and their advantages and challenges.