Integrated risk management applications in offshore windfarm construction

Sümer, Tuba Pelin
This thesis is motivated by a construction company whose main business operation is foundation installations of offshore wind farm projects. Steel is the main input for most of the foundations. This construction company is confronted with price risk when involved in the procurement part of the foundations. The company receives a fixed payment for the project while paying variable raw material costs which depend on the steel spot price on the procurement date. The construction company should use financial markets to eliminate the price risk. However, in most wind farm projects, the steel requirement of a foundation is not known in advance, i.e., there is also a quantity risk. Therefore, it is not possible to completely eliminate the associated risk. In this thesis we analyze the hedging decisions of a value maximizing construction company confronted with both price and quantity risks under the presence of capital market imperfections.


Simultaneous optimization of electrical interconnection configuration and cable sizing in offshore wind farms
Fahrioğlu, Murat; Sedighi, Mohsen; Moradzadeh, Mohammad; Kukrer, Osman (Springer Science and Business Media LLC, 2018-1-18)
Offshore wind farm (OWF) is the largest renewable energy resource. The electrical interconnection cost of OWFs is a considerable fraction of the overall design cost of the farm. In order to minimize the investment and operational costs, this paper proposes an optimization formulation to find the optimal electrical interconnection configuration of wind turbines (WTs), and the optimal cable sizing simultaneously. This simultaneous minimization of total trenching length and cable dimensions creates a complex o...
Experimental Study of a TLP Offshore Floating Wind Turbine
Oğuz, Elif; Clelland, David; İncecik, Atilla; Dai, Saishuai; López, Juan Amate; Sánchez, Gustavo (null; 2016-07-18)
Tank testing in a wind and wave environment is a key part of the design process for the development of an offshore floating wind turbine. The current paper describes an extensive experiment campaign carried out at the Kelvin Hydrodynamics Laboratory at the University of Strathclyde to determine the hydrodynamic performance of the Iberdrola TLPWIND offshore floating wind turbine with the NREL 5MW reference turbine over a range of environmental conditions. Tests were carried out for 70m water depth and the de...
Integration of Offshore Wind Farm Plants to the Power Grid using an HVDC line Transmission
Berkani, Abderrahmane; Pourkeivannour, Siamak; Negadi, Karim; Boumediene, Bachir; Allaoui, Tayeb; Ertan, Hulusi Bülent (2019-01-01)
This paper investigates an integration of Offshore Wind Farm Plants with Power Grid Based on an HVDC line Interconnection. Large offshore wind farms are installed in the North Sea area using modern multi-megawatt wind turbines. The Voltage source converter - high voltage direct current VSC-HVDC is a suitable means of integrating such large and distant offshore Wind Power Plants (WPP) which need long submarine cable transmission to the onshore grid. The offshore network then becomes very different from the c...
Offshore wind farm site selection for Aegean and Mediterranean Sea, Turkey
Yıldız, Hatice Kübra; Oğuz, Elif; Huvaj Sarıhan, Nejan; Department of Civil Engineering (2021-8-26)
This thesis was focused on investigating potential sites in the Aegean and Mediterranean Sea for offshore wind turbines considering a number of criteria such as water depth, wind speed, grid connectivity, etc. Prior to that, all major floating offshore wind turbine installations in Europe and across the World were reviewed. The current status of the offshore wind industry in terms of technology and supporting mechanisms were summarized. Following this, potential sites were mapped using collected data from a...
Hydrodynamic analysis of floating offshore wind turbine concepts: a case study in Black Sea
Yıldırım, Büşra; Oğuz, Elif; Department of Civil Engineering (2022-10-19)
In the literature, well-validated hydrodynamic programs such as WAMIT are used to analyze the hydrodynamics of floating offshore wind turbines (FOWTs). In this thesis, potential use of an opensource hydrodynamic solver for the hydrodynamic modeling of FOWTs is investigated using HAMS. For this purpose, hydrodynamic coefficients obtained from HAMS are compared to the first-order hydrodynamic solution of AQWA and WAMIT. The hydrodynamic model of three FOWT concepts, such as OO-Star, Nautilus, and CENTEC...
Citation Formats
T. P. Sümer, “Integrated risk management applications in offshore windfarm construction,” M.S. - Master of Science, Middle East Technical University, 2011.