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What is Stochastic Offshore Wind Farm LCOE Model about?

This study expands a deterministic cost of energy model for offshore wind farms to include stochastic inputs, utilizing Monte Carlo simulations to derive joint probability distributions of the levelized cost of electricity (LCOE). The research highlights the significance of accounting for uncertainties in key financial and technical variables to improve decision-making in renewable energy investments. Results indicate that appropriate statistical modeling can reduce uncertainties and provide a more accurate

Author

vicenteherreracarlos

Language

EN