Our updated innovation impact on levelised cost of energy model developed on behalf of the Department for Business, Energy and Industrial Strategy is now available for download. It is primarily for use in connection with the BEIS Offshore Wind Innovation Programme.
This 2021 update models the impacts innovations will have on UK offshore wind projects expected to reach FID in 2025 and come online in 2028. It gives a percentage impact on levelised cost of energy (LCOE) from one or more innovations. This model is not to be used as a predictor of absolute LCOE.
The model assumes a 1000 MW wind farm and provides baseline data (including LCOE) on a choice of five site types: four fixed and one floating. The user inputs estimated changes to specific project parameters they expect their innovation to achieve. The model then derives the resultant percentage change in LCOE.