project cost modelling

Non-standard project cost modelling

Overview

Greenrock engaged us to explore the role of offshore wind in Bermuda’s decarbonisation efforts. Previous studies identified offshore wind as a promising opportunity. They also highlighted significant uncertainty around the levelized cost of energy (LCOE).

We built a robust, evidence-based understanding of project cost modelling for small scale projects in remote locations. We also assessed offshore wind’s economic competitiveness against other local energy options.

Key challenges

  • Small project scale
  • Remote location
  • Limited precedent
  • Turbine size trade-offs
  • Uncertain site condition

Key impact

  • Developed tailored project cost modelling
  • Provided credible cost estimates
  • Demonstrated that offshore wind remains economically attractive
  • Identified that larger turbines offer better cost performance
  • Enabled informed public advocacy,

BVGA team

Bruce Valpy

Charlie Boal

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