Studying the life-cycle economic quantitative model of off-shore wind power projects considering energy storage costs under parity era

Considering basic scenarios like electrochemical energy storage configuration projects, hydrogen production configuration projects and more, this study establishes a general framework for the life-cycle economic analysis of offshore wind power projects against the background of new power system construction. This framework overcomes the incompleteness of the previous economic analyses of offshore wind power projects by ignoring energy storage and other supporting facilities. Additionally, considering the perspectives of project investment and capital base, a life-cycle economic quantitative model of offshore wind power projects for the aforementioned three scenarios is established. A case application is produced to calculate the key indicators for the offshore wind power project under the three scenarios. The results show that the net present values (NPVs) are all negative across all three scenarios, indicating that the current offshore wind power does not have the conditions to achieve grid parity without external support. On this basis, this study further calculates the financially feasible minimum on-grid electricity price of the project and screens out the key factors affecting the on-grid parity of offshore wind power grids. It is found that the issue of offshore wind power parity requires supporting facilities and cost reduction.