Abstract
This study uses a simplified methodology to explore and compare the capital and operating costs of applying renewable energy to power mid-sized, 2-5 Megawatt (MW), subsea infrastructure in deepwater (>1000m) conditions. Supplying locally generated electrical power to deepwater wells opens the possibility to tie-in step-out wells to existing host assets, by utilizing subsea pumps to extend the serviceable range of the host asset.
Ocean Thermal Energy Conversion (OTEC) is compared against other renewable energy systems including Onshore Wind and Onshore Solar Photo Voltaic (PV) with shore-to-subsea distribution, and deepwater Floating Wind and Wave. This study considers the requirements for intermittent supply for 2MW capacity and 5MW capacity demands.
The developed economic model indicates that while OTEC has a high capital cost when directly compared to other renewable energies, consideration of battery storage for firm power supply has a significant leveling impact on costs. With consideration of the cost of energy and also energy and chemical distribution through subsea cables, OTEC is shown to be an economically competitive choice. Similar results apply to consideration of operational costs, were inclusion of storage results in long-term competitive advantage for OTEC.