Offshore Wind Economics for Complete Beginners
including Microsoft Excel® exercises and case studies
Overview of what makes for offshore wind hot-spots (and not-so-hot-spots) around the globe, with a downloadable, customised global offshore wind / water depth map
Combine site-specific wind speed simulation with turbine data, to estimate annual electricity production from first principles
Get to grips with discounted cash flow modelling concepts and coding, with calculations broken down into clear steps by a Wiley Finance author
Detailed, accessible walk-through of offshore wind costs and their drivers, from an author of International Energy Agency studies
Tie the strands together with an in-depth, engaging and topical multi-option case study and full model
Learning reinforced with quizzes and exercises, including unsolved and solved versions of Excel files
Certificate of completion
A mix of lectures, more conversational learning styles, and the odd joke
Feedback on this version of the course
"Highly recommend this course!"
-David Linden, Executive Director, Head of Energy Transition, Westwood Global Energy Group, on Linkedin
"Great course. Well-structured and I'm already using it to transfer my technical knowledge to economic studies."
-Will Brindley, Senior Naval Architect, Apollo, UK
"A truly excellent and in-depth course offered by Offshore Renewable Energy Catapult 😀 highly recommend to anyone new to the industry...
I'd give this a 5/5 recommendation in general, and for clarity of explanations, the teaching balance between offshore wind specifics and economic modeling concepts/implementation in Excel, and value for money. What I enjoyed most were the Excel walk-throughs, LCOE, capacity factor estimations, and all mentions of 4C Offshore! :)"
Lilja Valtonen, Market Analyst at TGS 4C Offshore - Floating Wind & APAC, on LinkedIn and in feedback form
"For a beginner course, my expectations were exceeded. It is difficult to find this type of content being taught in an easy and practical way.... The technical part about wind power generation was not my strong point. The course helped me here. 5/5 recommendation.”
- David Cassimiro, Researcher and Consultant in Offshore Wind Energy, Creation UFRN, Brazil
"Excellent 360 degree view of a project. Great to see the technicalities of offshore wind addressed in a package which also puts the economic modelling front and centre."
- Offshore wind analyst, energy consultancy, UK
"Really good course for anyone who’s new in the domain.”
-Rajkamal Srivastava, Economic Specialist (Petroleum), UK, on LinkedIn
"Well structured course, providing a solid foundation to understand and develop knowledge about offshore wind project economics. Many thanks! Strongly recommended.”
-Engineer, EPCI contractor, UK
"Comprehensive, and it cuts to the chase....In my prior academic experience, I encountered financial modelling during my master's studies. However, this course has provided me with a much more comprehensive and thorough understanding of financial modelling...
I enjoyed the Annual Energy Production (AEP) calculations and the insightful discussion surrounding Net Present Value (NPV) and Internal Rate of Return (IRR).
Additionally, the global wind and bathymetry map specifically designed for this course caught my attention. This map offers an initial understanding of the suitability of any region in the world for offshore wind development.
-Feras Alqassab, Xodus Academy Xccelerator, UK
"Over the past few weeks, I've had the incredible opportunity to expand my commercial/economics skills by diving deep into Offshore Wind Economics for Complete Beginners training. This training has equipped me with a solid understanding of the financial aspects of developing, operating, and maintaining offshore wind farms.
I could relate my petroleum economics skills to use in the broad energy sector; I gained valuable insights into various key factors that influence the economics of offshore wind farms. There are downloadable Excel examples as needed, and the final model is developed in stages so you can build the final and complete model. I've developed an understanding of the commercial considerations at every stage of a project's lifecycle.... I'm now eager to apply what I've learned. "
-Esther Escobar-Burnham, MBA, MSc, S&P Global
(See Esther's full review here https://www.linkedin.com/posts/escobaresther_offshore-renewable-energy-catapult-ken-activity-7066757818707517441-msLZ?utm_source=share&utm_medium=member_desktop )
"All the hands-on examples from the offshore wind industry provides a helicopter view of offshore wind project components and what considerations to have around them... their importance combined with key economic concepts resulting in the understanding of the economic project viability assessment process."
-Project manager, generation company, EU
"I had reasonable knowledge of the technical side of offshore wind, but not so much the economic side. The course was very helpful in opening my eyes more to this side of the industry."
-Cameron Wilson, Strategy Analyst, Offshore Renewable Energy Catapult, UK
"I have never seen a training course that focuses on economics and financial modeling for offshore wind. This is a must-take for those who recently joined the offshore wind-related industries and want to deepen their understanding of the economic perspective of offshore wind."
-Commercial manager, energy company, Japan
"Taught me a lot about the costs involved through the whole wind farm project which I wouldn't have thought about.....Very informative and well explained....The short videos broke up the content nicely, quizzes were a good knowledge tester... .A very good starting point if you're interested in getting into the wind industry."
-Offshore Wind Research Engineer, UK
"Over the last months I have been spending some time in wind energy, be it training myself, rolling out training on the same subject to our Xccelerators at X-Academy or coordinating the provision of research on related regulatory regimes.
I recommend investing on the Offshore Wind Economics for Complete Beginners course by Offshore Renewable Energy Catapult and Ken Kasriel. This is an online, at your own pace course that delivers far more than the name and tagline would let you know. While it was designed to suit newcomers and people of all professional backgrounds, those with previous experience on project economics or who are engineers (both in my case) will find the course well pitched and will learn new things from it (well played Ken Kasriel and Gavin Smart).
Within the first week I had developed the skill of looking at and using their helpful combined map showing wind speed and water depth to then get a feel of which areas could be of interest to windfarm developers. I also found their “non-core” material in respect of the underlying physics behind wind turbine generation and natural limits of it and how to simulate annual wind speeds in Excel of a such a cut through simplicity that they complemented quite well what I learned in an earlier online engineering course at the University of Aberdeen....
I managed to enrol quite a large number of our Xccelerators which will be able to start using this right away on their day-to-day work. The mix of subjects attracted more of them – they may have come for the economic modelling but ended up loving the wind part!"
-Gerardo Arteaga Mora, VP Origination and Project Delivery, X-Academy (funded by Energy Transition Zone Limited, bp and EnBW), UK. (See Gerardo's full review here: https://www.linkedin.com/pulse/some-notes-training-wind-edition-gerardo-arteaga-mora/ )
Feedback on the prior Version 1.0 of this course, given online in October/November 2020 for the Petroleum Exploration Society of Great Britain.
“I found it extremely helpful and perfect for someone like me - lots of upstream cash flow experience but no renewables … [It’s a] broad introduction to the economics of offshore wind generation, with emphasis on breaking down the cash flow into its parts - energy production, tariffs, revenues, capital and operating costs….
Very credible presenters, ability to get hands-on and to take away a simplified model … The waterfall charts were some of the best tools I've seen used in explaining some of the factors that impact NPV!”
- Stewart Williams, VP, Energy Research, Wood Mackenzie
“Overall the course has been great. I am a newcomer to wind energy but found it very accessible. The level of detail in the lectures for me has been unparalleled by other courses that I've attended. The content was information-rich, and the level of difficulty of the exercises was well pitched and sufficiently hands-on to understand the theory from the lectures.
The course significantly improved my understanding of offshore wind economics and economic principles in general, and following the course I was able to expand and transition my role into renewable project economic modelling. I am certain that the understanding of the wind industry I gained from this course directly contributed to this.”
- Toya Latham, Analyst, GlobalData Energy
“Would recommend… An excellent introduction to wind power economics which exceeded my expectations for the amount and quality of materials…. A good balance was struck between general economic concepts and wind specific ones.
The Socratic method worked well. You make a good double act.
Having been on the receiving end of economics spreadsheets for many years, it was good to be walked through how they are made. In addition, the tips on quality control and tracing preceding cells were generally useful. Particular credit to you for the Monte Carlo simulation without expensive software; I will use this again.”
- Philp Rawstron, Subsurface Advisor, OGL Geothermal
“Excellent, well organised course. It did a good job of "lifting the bonnet" on the workings of the spreadsheets.
The key to delivering online courses is to keep the interest of the audience especially when the content is technical and that was certainly achieved. Strikes a really good balance between delivering knowledge without it being too ‘heavy’….
As a newcomer to offshore wind, I found the course extremely useful and a great introduction. Would recommend without hesitation. Good content, well delivered, strong self-study examples to reinforce lecture content, and presented by two really passionate presenters.”
-Roshan Khan, Petroleum Engineer, TRACS International
“Overall, useful and insightful. Pitched at the right level for a total wind novice…. the Weibull function and how this is used with the power curves was the fundamental learning for me.
- Tim Davies, Group Exploration Manager International, Harbour Energy
“An outstanding introduction to the fundamentals of wind power generation and economic modelling. It was authoritative, focused and instructive, and where appropriate witty.
I would recommend this as a taster for Petroleum Economists, Explorers and economists, investors, scientists"
- Colin Clarke, Senior Geophysicist, Lloyd's Register Energy
“Most wind courses are too basic. This course got advanced enough to offer insight, without getting bogged down in engineering details”
(Name withheld)
“[Level of exercises was] good. As with any exercise you can always make it more difficult yourself, but not simple to make it easier when you are struggling!”
(Name withheld)
“I thought the material was put together in a very thoughtful and fun way. There was a good balance between theory and practical modelling examples in Excel. In all cases, the course instructors explained the technical jargon to avoid any confusion. The modelling was very well explained and there were several levels of complexity offered for the homework depending on the participants capacity…
I felt the fun, humorous and sounding-board nature of conversations between Gavin and Ken kept the audience very engaged throughout the course, especially after what for many had already been a long day in the day-job!
Would recommend, an excellent learning pathway for people looking to get into offshore wind technical and/or commercial roles”
(Name withheld)
More videos on what you'll learn, in more detail
Students completing every lesson in the course and the end-of-course survey will receive a shareable certificate of completion. Note that the certificate does not depend on performance on the quizzes or completion of the Excel exercises, which include solved versions for self-checking.
Gavin Smart
Ken Kasriel
Welcome and Housekeeping Notes
Course Overview: Offshore Wind Economics for Complete Beginners
What's New and "Maintenance Alerts" (last update: 1 October 2023)
Unit I Overview
Unit I.A.1: How Windy is Windy?
Unit I.A.2: Introduction to Wind Speed Distributions
Unit I.A.3: Windy Offshore Places
Unit I.A.4: All You Need Is Wind Resource - Or Is It..?
Unit I.A.5: Generation Capacity vs Generation
Unit I.A. 6: What's Big for an Offshore Wind Farm?
Unit I.A.7: Trends in Offshore Wind Farm Scale
Unit I.B.1: Iceland as a Windy Kuwait? When Interconnectors Do and Don't Make Sense
Unit I.B.2: Transmission Costs and Distance: a UK Example
Unit I.B.3: Onshore Transmission Charging
Unit I.B.4: Getting Power Not Only Where, But When It's Needed
Unit I.B.5: Electricity - Balancing Supply and Demand
Unit I.B.6: When a Grid Wobbles
Unit I.B.7: Conducting the Electric (Light) Orchestra
Unit I.B.8: Introduction to Utility-Scale Power Storage
Unit I.B.9: A Peek at Future Storage Costs
Unit I.C.1: Back to the Present - Avoid Long Distance Transmission Where Possible
Unit I.C: 2 - Farewell Iceland, Hello California
Unit I.C.3: Water Depth and Offshore Wind Deployment
Unit I.C.4: Floating Offshore Wind - Current Status
Unit I.C.5: Floating Wind - Towards Commercialisation
Unit I.C.6: Floating Wind Deployment and Cost Reduction (1/2)
Unit I.C.7: Floating Wind Deployment and Cost Reduction (2/2); Guide to a Floating Offshore Wind Farm
Unit I.C.8: Offshore Wind Manufacture and Infrastructure
Unit I.D.1: Transmission - Distance and Power Losses
Unit I.D.2: Transmission - Offshore and Onshore Substations
Unit I.D.3: Transmission - Introduction to HVDC
Unit I.D.4: Transmission - HVAC vs HVDC
Unit I.D.5: Transmission - "Typical" Distances From Land
Unit I.D: 6 - Transmission - Pushing the Distance Boundaries
Unit I.D.7: Transmission - Cables and Converters
Unit I.D.8: Transmission - Project Scale and Distance
Unit I.D.9: Distance From Shore - O and M Costs
Unit I.D.10: Distance From Shore - O and M Costs - Vessel Strategies
Unit I.E.1: Adding More Rigour to Our So-far Fruitless Treasure Hunt
Unit I.E.2: Oddballs: Inter-tidal Sites
Unit I.E.3: A Matter of Scale
Unit I.E.4: A Sense of Depth
Unit I.E.5: Can We See Both Water Depth and Mean Wind Speed?
Unit I.E.6: Testing Our Refined Lens: Australia
Unit I.E.7: Onwards!
Unit I.E.8: Download the Course Custom Mean Wind Speed / Water Depth Map
Unit I.F.1: East Asia Focus - Introduction
Unit I.F.2: China Focus - Introduction
Unit I.F.3: China Focus - Shanghai and South Coast
Unit I.F.4: China Focus - Fuzhou Area
Unit I.F.5: Taiwan Focus - Introduction
Unit I.F.6: Taiwan Focus - Offshore Wind Areas of Potential
Unit I.F.7: Taiwan Focus - A Mix of Bottom-Fixed and Floating Wind
Unit I.F.8: Taiwan Focus - Permitting and Air Traffic Radar Issues
Unit I.F.9: (Tangent: Military Exclusion Zones)
Unit I.F.10: (Exclusion Zones (exercise))
Unit I.F.11: South Korea Focus
Unit I.F.12: Japan Focus - Introduction
Unit I.F.13: Japan Focus - Mixed Strategy
Unit I.F.14: Japan Focus - South Coast
Unit I.F.15: Japan Focus - Population and Grid
Unit I.G.1: UK & Ireland - UK Raw Wind Resource
Unit I.G.2: UK & Ireland - UK Offshore Wind Hot Spots
Unit I.G.3 :UK & Ireland - Scotwind 2022 Results: a Big Shout Out for Floating Wind Globally
Unit I.G.4: UK & Ireland - Ireland
Unit I.H.1: Other Interesting Windy Places
Unit I. Appendix.1: Experience Curve - Introduction
Unit I. Appendix.2: Experience Curve - Progressing Along a Log Scale is Easy, Until it Isn't
Unit I. Appendix.3: Wandering off the Curve
Unit I. Appendix.4: Experience Curve and Market Pricing
Unit I. Appendix.5: Separating the Experience Curve From Market Impacts - Introduction
Unit I. Appendix.6: Separating the Experience Curve From Market Impacts - Visualisation
Unit I. Appendix.7: Separating the Experience Curve From Market Impacts - Importance
Unit I. Appendix.8: Pure vs fully-loaded experience curves
Unit I. Appendix.9: Experience Curves and Storage Technology
Unit I. Appendix.10: Experience Curves With Supply and Demand
Unit I. Appendix.11: Experience Curves and Wider Renewables and Storage Markets
Unit I. Appendix.12: Quiz - Experience Curves
Unit I: Further Resources
Unit II Overview; Handy Excel Auditing Macros; The CHOOSE Function
Unit II.A.1: Resource Estimation Overview; Intro to Simulation
Unit II.A.2: Program the Behaviour You Want to Model
Unit II.A.3: Simulate Many Times, Summarise and Check
Unit II.A.4: Easy First Example: Virtual Coin Toss
Unit II.A.4a: Download
Unit II.A.5: Understanding Excel's RAND Function
Unit II.A.6: Getting RAND to Understand Us
Unit II.A.7: Monte Carlo Simulation in Excel with Data Tables
Unit II.A.8: How do we Know this Thing Works?
Unit II.A.9: Programming a Fair Die
Unit II.A.10: Preliminary sense check of our programming
Unit II.A.11: Scaling up the Simulation -- Painless
Unit II.A.12: Scaling up to … how Many Trials?
Unit II.A.13: Scaling up to call B.S.
Unit II.A.14: Download the Dice Simulator
Unit II.A.15: Let's Model the Wind Already
Unit II.B.1: Simulating Annual Wind Speeds in Excel
Unit II.B.2: Introducing the Weibull distribution calculation
Unit II.B.3: Using the Mean Wind Speed to Unlock the Weibull
Unit II.B.4: The Weibull Function Cell which Feeds the Simulator
Unit II.B.5: Excel Mechanics - the Simulator Which Feeds the Histogram
Unit II.B.6: the Histogram Which Feeds the Chart
Unit II.B.7: Side Note - the Number of Days per Average Year
Unit II.B.8: Scaling the Chart Data to One Year
Unit II.B.9: Testing the Model with a Key Check Cell
Unit II.B.10: Recap; Exercises (Simulation Coding, Real World Data Gathering; Adjusting Wind Speed for Height)
Unit II.B.11: Exercise Files
Unit II.C.1: Download the Wind Simulation Model Covered in These Lectures (+ Unsolved Exercises)
Unit II.C.2: Introducing Turbine Power Curves
Unit II.C.3: Basic Terminology and Units
Unit II.C.4: Key Power Curve Junctures - Outline of Gross AEP Formula
Unit II.C.5: Example Calculation: One Point on the Curve
Unit II.C.6: the Pocket of Wind Which Matters to Us
Unit II.C.7: From Here, a Short Step to Gross Single-Turbine AEP
Unit II.C.8: Visualising Gross Single-Turbine AEP
Unit II.C.9: Capacity Factor Calculation
Unit II.D.1: Exercise: Gross AEP for One Turbine, Many Different Wind Profiles
Unit II.D.2: Exercise: Pick the Best Turbines for our Case Study Model
Unit II.D.3: Turbine Selection Exercise - Example Walkthrough
Unit II.D.4: Download Solved Versions of Exercises Here
Unit II.E.1: Methodology Limitations and Workarounds - Introduction
Unit II.E.2: How we are and aren't using Monte Carlo Simulation
Unit II.E.3: Annual Wind Speed Variability
Unit II.E.4: A Real World Refinement - Measure-Correlate-Predict
Unit II.E.5: Accounting for Annual Variability - Inter-quartile Ranges
Unit II.E.6: Seasonal Wind Speed Variability - Monthly Basis Adjustment
Unit II.E.7: Pricing Variability
Unit II.E.8: Public Wind Atlas Data are Very Useful Estimates, but No Substitute for Measured Site Data
Unit II.F.1: Introduction
Unit II.F.2: Blade Tip Speeds and Generation Cut-out Speeds
Unit II.F.3: How Wind Turbines Slow Themselves Down
Unit II.F.4: Bin Sizes in Gross AEP Calculation - Bigger Isn't Better
Unit II.F.5: Bin Sizes, Continued
Unit II.F.6: Why Turbine Power Curves Look as They Do - Introduction
Unit II.F.7: Getting Electricity From Wind
Unit II.F.8: Introducing the Coefficient of Power (Cp)
Unit II.F.9: the Betz Limit
Unit II.F.10: Why is There a Limit at All?
Unit II.F.11: How Turbine Generation Capacity Limits and Rated Wind Speeds Tie Together
Unit II.F.12: Introducing the Wind Power to Electricity Equation
Unit II.F.13: A) a Curve-Defining Exponent; B) Air Density
Unit II.F.14: Blade Length and Generation
Unit II.F.15: The Coefficient of Power, Revisited
Unit II.F.16: Behind the Curve's Smooth Plateau - a Lot of Backstage Melodrama
Unit II.F.17: Cp: Idealised Versus Real World
Unit II.F18: Intuition Check - How Cp Helps Shape the Power Curve
Unit II.F.19: Don't Confuse The Coefficient of Power ("Cp") with the Capacity Factor ("CF")
Unit II.F.20: Download the Exercise Files - Misusing the Mean Wind Speed; Recreating the IEA's test turbine
Unit II: Space for Potential Future Resources
Unit III Overview
Unit III.A.1: Download the Pretax Mini-Model (with Exercise I)
Unit III.A.2: What We'll do Here - Timing Calculations
Unit III.A.3: What We'll do Here - Monetary Calculations (Inflation, Discounting)
Unit III.A.4: What We'll do Here - Analysing Results
Unit III.B.1: Time-shifting - Identifying the First Costs in the Queue
Unit III.B.2: A Dynamic Pre-Generation Cost Schedule (HLOOKUP Function)
Unit III.B.3: Generation Start Year
Unit III.B.4: Generation End Year
Unit III.B.5: Timing Flags - Generation, Tariff Periods
Unit III.B.6: Quick Tangent - Using Checksums
Unit III.B.7: Decommissioning Flag
Unit III.B.8: Quick Tangent - Excel's Evaluate Formula Feature
Unit III.C.1: Net Cashflows (NCFs) at Last! First step: "Real " (Constant Currency) NCFs
III.C.2: Nominal NCFs
Unit III.C.3: Net Present Value (NPV) from Nominal NCFs - Quick and Dirty with Excel's NPV Function
Unit III.C.4: A first encounter with Internal Rate of Return (IRR)
Unit III.C.5: Maximum Exposure and Breakeven; Pivoting Away from the NPV Function
Unit III.C.6: NPV, the Longform Way
Unit III.D.1: Recap - the Road so Far
Unit III.D.2: A Metaphor for Discounting, Rhymes with Sorrow
Unit III.D.3: The Sense Behind the Formula - Reverse Engineering the Discount Factor
Unit III.D.4: More Reverse Engineering; Discount Rate as Opportunity Cost of Capital
Unit III.D.5: Weighted Average Cost of Capital
Unit III.D.6: Discounting Periods
Unit III.D.7: Why We Use Mid-Period Discounting (and Inflation)
Unit III.D.8: When This is Less of a Big Deal
Unit III.D.9: Discounting hits Different Cashflows Differently
Unit III.D.10: Watching NPV "Flip"
Unit III.D.11: Why'd that Change That Way? Variance Analysis
Unit III.D.12: While Modelling, Make Undiscounted NCF Your "Coal Mine Canary" Cell to Watch, Not NPV
Unit III.D.13: Exercises - Coding Practice; Discounting "Weirdness"
Unit III.E.1: Introduction - Basic Project Income Tax
Unit III.E.2: Download this Unit's Mini-Model, and some exercises
Unit III.E.3: Throat-clearing
Unit III.E.4: Income Tax Deductions (3 Different Kinds)
Unit III.E.5: Make Losses Untaxable
Unit III.E.6: Send any Untaxable Losses "Up and to the Right"
Unit III.E.7: Tax Losses From Prior Periods, Vs. Tax Losses from Operations
Unit III.E.8: Tying off Loss Carry-forwards, Introducing the Other Tax Allowances
Unit III.E:9: Expensable Allowances vs. Depreciable Allowances
Unit III.E.10: Depreciation: Mechanism and Overview of Remaining Steps
Unit III.E.11: Determining when Things Become Depreciable
Unit III.E.12: Depreciability Timing - Coding
Unit III.E.13: Core Depreciation Calculation
Unit III.E:14: Terminal Year Adjustment, to Tie Things off With a Knot
Unit III.E:15: Tax Calculation - Recap
Unit III.E.16: Closing Remarks, Exercise
Unit III.E.17: There's a Bit More to Tax, of Course
Unit III: Space for Potential Future Resources
Unit IV overview
Unit IV.A.1: Basic Parameters
Unit IV.A.2: Visual Impact Issue
Unit IV.A.3: Legal Challenges to Our Project
Unit IV.A.4: Options Facing Our Developer
Unit IV.A.5: Physical Site Parameters
Unit IV.A.6: Developer Turbine Options
Unit IV.A.7: Refresher on Project Options to be Analysed
Unit IV.A.8: Options 1 and 2 (Fight the Legal Challenge)
Unit IV.A.9: The Remaining Options
Unit IV.A.10: Got all That? A Quick Recap
Unit IV.A.11: Note on Turbine Ratings Used in The Case Study (No Audio)
Unit IV.A.12: Quiz - Case Study Overview
Unit IV.B.1: Before We Jump In: Guide to an Offshore Wind Farm (Website/Downloadable PDF)
Unit IV.B.2: Bird's Eye View of Site Parameters
Unit IV.B.3: Cost and Performance Impact of Different Wind Speeds
Unit IV.B.4: Cost Impact of Different Water Depths
Unit IV.B.5: Relevant "Distances From Shore"
Unit IV.B.6: Cost Impact of Different Distances From Shore
Unit IV.B.7: Cost Impact of Different Wave Conditions
Unit IV.B.8: Cost Impact of Different Seabed Conditions
Unit IV.B.9: Seabed Installation Terminology: Reminders/Explainers (1/2)
Unit IV.B.10: Seabed Installation Terminology: Reminders/Explainers (2/2)
Unit IV.B.11: Site Parameters Summary
Unit IV.B.12: Design Life
Unit IV.B.13: Repowering and Design Life Questions
Unit IV.B.14: Quiz - Case Study Assumptions
Unit IV.C.1: Introduction to Development Expenditure (Devex)
Unit IV.C.2: Development Risk and Environmental Surveys
Unit IV.C.3: Environmental Protection and Standards
Unit IV.C.4: Devex Costs
Unit IV.D.1: Offshore Wind Turbine Costs Overview
Unit IV.D.2: Transition Pieces
Unit IV.D.3: Structural Notes
Unit IV.D.4: Turbine Supply - Wrap-Up
Unit IV.D.5: Note re Turbine Size and Economies of Scale
Unit IV.D.6: Turbine Installation Costs
Unit IV.D.7: Turbine Installation Footage
Unit IV.E.1: Offshore Wind Foundations - Introduction
Unit IV.E.2: Foundations Cost Variances
Unit IV.E.3: Monopile Fabrication and Installation
Unit IV.E.4: Monopiles - a Sense of Scale
Unit IV.E.5: Different Offshore Wind Foundation Types Compared
Unit IV.E.6: Monopile and Jacket Foundation Supply Costs - 10 MW Turbines
Unit IV.E.7: Monopile and Jacket Foundation Installation Costs - 10 MW turbines
Unit IV.E.8: Monopile and Jacket Cost Comparison - 6MW Turbines
Unit IV.E.9: Comparing the Mass of Monopiles and Jackets
Unit IV.E.10: Jacket Fabrication
Unit IV.E.11: Case Study Foundation Cost Assumptions
Unit IV.F.1: Array Cables and Transmission (1/2)
Unit IV.F.2: Array Cables and Transmission (2/2)
Unit IV.F.3: Other Capex
Unit IV.F.4: Capex Wrap-Up
Unit IV.G.1: Operations & Maintenance (O&M) Costs Overview
Unit IV.G.2: Other Operating Costs
Unit IV.G.3: Decommissioning Overview
Unit IV.G.4: Decommissioning and Scrap Value
Unit IV.G.5: Decommissioning, Recycling and Responsible Disposal of Components
Unit IV.G.6: Cost Assumptions Wrap-Up
Unit IV.G.7: Quiz - Case Study Costs
Unit IV.H.1: Transmission Assets - Refresher
Unit IV.H.2: Transmission Assets (2)
Unit IV.H.3: HVAC or HVDC - That Is The Question
Unit IV.H.4: International inter-connections (1)
Unit IV.H.5: International inter-connections (2)
Unit IV.H.6: Enablers for Inter-connection
Unit IV.H.7: Quiz - Transmission Focus
Unit IV: Space for Potential Future Resources
Unit V Overview: Multi-option Case Study Model: Full Model and Analysis
Unit V.A.1: Download the Case Study Model
Unit V.B.1: Feed-in Tariffs vs Market pricing; Thoughts on Forecasts
Unit V.B.2: Merit Order Pricing
Unit V.B.3: Adding Wind to the Mix: Good times, Bad times
Unit V.B.4: Our Model's Tariff Regimes
Unit V.C.1: Losses Overview; Wake Losses
Unit V.C.2: Reducing Wake Losses: Layout Optimisation; Total Wind Farm Control
Unit V.C.3: Downtime
Unit V.C.4: Other (pre-Erosion) Losses
Unit V.C.5: Losses from Blade Erosion
Unit V.C.6: Accounting for Erosion in the Case Study Model
Unit V.D.1: Sorry to Nag, but Again: Read the ReadMe Tab
Unit V.D.2: Turbine Selection Results; Feeding the Case Study Model
Unit V.D.3: Refresher: our Variance Analysis Lens
Unit V.D.4: Refresher: our Case Variables
Unit V.D.5: Something Nice We *Can't* Do: Nearshore, Now (Case8)
Unit V.D.6: One we can do: Farshore, Now (Case 4)
Unit V.D.7: Case 8 vs 4 - Quantifying the Impact of Chasing the Faster, Farshore Winds
Unit V.D.8: The Impact of a Delay - Farshore, Now vs Later (Case 8 vs Case 2)
Unit V.D.9: The Impact of a Delay - Nearshore, Now vs Later (Case 4 vs Case 6)
Unit V.D.10: Nearshore NPV Impacts of a 3, 2 or 1 Year Delay (Flexing Case 6)
Unit V.D.11: The 6 MW Turbine Options
Unit V.D.12: Same Site, Same Time, Different Turbines (Cases 7 and 8)
Unit V.D.13: Same Site, Different Turbines, continued
Unit V.D.14: Intuition Check - Guess how changing Turbine Capacity impacts NPV (Case 1 vs Case 2)
Unit V.D.15: How'd You Do?
Unit V.D.16: More (Dis)economies of Scale: 6 MW Turbines Farshore (Cases 3 and 5)
Unit V.D.17: Analysis Wrap-up: Where Does This Leave Us?
Unit V.E.1: What is LCOE, how do we Calculate it, Why Should we Care?
Unit V.E.2: Comparing Differently-fuelled Generators
Unit V.E.3: Don't confuse LCOE and "Merit Order" prices
Unit V.E.4: LCOE and Cross-country Comparisons
Unit V.E.5: Discount Rates: Refresher
Unit V.E.6: Our Case Study's Discount Rate in an Industry Context
Unit.V.E.7: Intuiiton Check - LCOE vs Mean Wind Speed
Unit V.F.1: Getting up on Two Wheels With the Case Study Model: Guided, Intuition-Building Guessing Games
Unit V.F.2: Exercise: Fill in the Missing Formulas
Unit V.F.3: Internal Rate of Return - Uses & Quirks (Download Lecture's Excel File)
Unit V.F.4: Using and testing Excel's Function for IRR, the NPV "Breakeven Discount Rate"
Unit V.F.5: What IRR Tells Us
Unit V.F.6: One Net Cashflow Stream, Multiple IRRs
Unit V.F.7: When IRR is Incalculable
Unit V.F.8: Checking the Case Study IRRs
Unit V: Space for Potential Future Resources
Please take a few minutes to fill in this brief survey to ensure we continue to meet the needs of our students
Yes, absolutely! This course has been specifically designed for students who are new to offshore wind or economic modelling or both.
No. It is self-contained; more of a talking textbook with solved examples for self-checking, than a classroom.
Yes. All students who complete the course will automatically receive an electronic certificate upon course completion. Certificates are issued regardless of score received in end of unit tests and how you perform in the various downloadable exercises.
Purchasing the course gives you access to all course materials for 12 months from time of ordering.
No. Please refer to the detailed Terms & Conditions document in the downloads section of this web page for further details as required.
This would require teaching basic three-statement accounting, which is beyond the scope of this beginners course, where we focus on equity-only-basis discounted cashflow modelling, from detailed first principles (e.g. wind speed at site, turbines used, detailed costs, basic income tax, etc). The fundamentals-based equity cashflow results which we show how to calculate can be readily fed into an existing financing model. For those new to finance modelling, there are excellent third-party courses available.
The course consists of almost 12 hours of video and includes a number of downloadable Excel exercises for students to tackle at their own pace.
Broadband for the streaming videos; some lectures can be viewed comfortably on a small internet-enabled device like a phone, although we'd definitely suggest something larger like a laptop or desktop PC for the detailed how-to modelling videos. You'll also need Microsoft Excel® to access and complete the exercise files.
Please see the Pricing section below.
Before considering any of the volume discounts shown in the following list, a year's access to the course per individual costs £820.00 + any applicable VAT / sales tax. The price shown in the "Purchase" section below also shows the amount in your local currency. Please contact us at [email protected] if there are any issues. Volume discounts are as follows: 1-4 course purchases charged at full price 5-9 course purchases receive a 10% discount, automatically applied at checkout 10-19 course purchases receive a 15% discount, automatically applied at checkout If you wish to purchase the course for more than 19 students, please contact [email protected]
One year (12 months from the payment date) of access to the course per individual is available for purchase, priced at in your local currency before any applicable VAT/Sales Tax. You will see the final price to you, including tax, at checkout before purchasing. Please note: if you choose, from the popup which appears when you click "Purchase", the option to pay by bank transfer, be aware that it can take several working days for the transfer to complete, which would delay your access to the course. In our experience, the best payment options, in order of speed and ease of of fulfillment, are PayPal (fastest, most reliable); credit cards (also fast, but occasionally get declined the first time for no apparent reason; if this happens you will be informed); and bank transfers (slowest). Please note, as stated in the Terms and Conditions shown below, that payment must be made in advance to access the course, and there are no refunds. Please contact us on [email protected] if there are any issues.