Preprints
https://doi.org/10.5194/wes-2024-5
https://doi.org/10.5194/wes-2024-5
16 Jan 2024
 | 16 Jan 2024
Status: this preprint is currently under review for the journal WES.

Optimal allocation of 30GW offshore wind power in the Norwegian Economic Zone

Sondre Hølleland, Geir Drage Berentsen, Håkon Otneim, and Ida Marie Solbrekke

Abstract. The Norwegian government aims to install offshore wind power with a total capacity of 30 gigawatts by 2040, and the Norwegian Water Resources and Energy Directorate has suggested twenty candidate regions. We show that the potential for reducing overall power production variance across these regions is high using modern portfolio theory and the hourly and spatially rich reanalysis NORA3 Wind Power data set (NORA3-WP). The geographical diversification effect is demonstrated under various relevant scenarios, including a sequential build-out scenario with a fully connected Norwegian power grid assumption. By considering 20 alternative regions selected using a recently developed suitability score, we further illustrate that the diversification effect is robust to location changes.

Sondre Hølleland, Geir Drage Berentsen, Håkon Otneim, and Ida Marie Solbrekke

Status: open (until 07 Mar 2024)

Comment types: AC – author | RC – referee | CC – community | EC – editor | CEC – chief editor | : Report abuse
  • RC1: 'Comment on wes-2024-5', Matti Koivisto, 07 Feb 2024 reply
Sondre Hølleland, Geir Drage Berentsen, Håkon Otneim, and Ida Marie Solbrekke

Data sets

NORA3-WP Ida Marie Solbrekke and Asgeir Sorteberg https://archive.sigma2.no/pages/public/datasetDetail.jsf?id=10.11582/2021.00068

Model code and software

Code to reproduce main analysis and extracted NORA3-WP data per wind farm region Sondre Hølleland https://github.com/holleland/OffshoreWindPortfolios

Sondre Hølleland, Geir Drage Berentsen, Håkon Otneim, and Ida Marie Solbrekke

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Short summary
The paper applies portfolio selection methodology to the problem of allocating offshore wind farm resources to various potential wind farm regions in Norway. The allocation aims to achieve high and stable wind power production under various constraints. Spreading the wind farms geographically has a large impact on the stability of the portfolio in terms of variance, and the results are consistent for the two sets of candidate regions studied. Sequential selection gives a good solution.
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