Transitioning from production-based to revenue-based availability metrics is one way offshore wind farms can enhance profitability of these assets, a new study has found.
The report published by Boston Consulting Group and Peak Wind discusses the evolution of turbine technology and the “necessity for a shift towards more robust predictive and revenue-focused O&M strategies”.
The insights provided in the Unlocking Value Through Operations and Maintenance – Seven Levers to Boost Offshore Wind Profitability report can help the industry “drive significant improvements in operational efficiency and profitability for offshore wind projects worldwide”, said the authors.
The study emphasises the critical role of O&M as offshore wind farms transition from supplementary green energy sources to primary energy providers.
It identifies the significant untapped potential in optimising existing operational fleets, which can lead to greater value creation and support the growing role of wind energy in global energy systems.
“Efficient management of offshore wind farms is now more crucial than ever to ensure their financial viability during the operational phase,” said Matti Scheu at Peak Wind.
“Achieving stable and predictable business outcomes requires a simultaneous focus on both revenue and cost.”
Other recommendations in the report include balancing innovation with standardisation, continuous improvement of the production system, designing data integration and learning models and early focus on lifecycle management.
“The offshore wind industry is at a pivotal point where operational performance constitutes an ever-larger proportion of the net present value of projects,” said managing director and partner in Boston Consulting Group’s Oslo office Robert Hjorth.
“By refining O&M practices, developers can unlock significant value and enhance project viability.”