Paper looks into Greek offshore wind profitability, FiT options
Offshore wind turbines. Featured Image: Eugene Suslo/Shutterstock.com
The profitability range of offshore wind investments in Greece, taking into account the various uncertainties faced, has been analysed in a paper focusing on 12 offshore sites.
The research, published in the Journal of Wind Engineering and Industrial Aerodynamics, reveals the difficulties to propose a common feed-in tariff (FiT) level for all offshore wind projects in Greece. A systematic profitability analysis has been carried out, using a Monte Carlo simulation integrated into a classical financial model for the treatment of all sources of uncertainty, such as technical, political, economic and regulatory risks, and in relation to the eventual variation of FiTs, as foreseen in the legislative framework.
The paper says there is investor interest in developing wind off the Greek coast, but projects are not progressing.
Greek company RF Energy, announced in mid-2012 that it has secured a production license from the Regulatory Authority for Energy (RAE) for a 498.15-MW offshore wind farm. Still, at the end of 2015 there was no capacity installed in Greek waters, according to a report by the Global Wind Energy Council (GWEC).