Integrated performance and risk assessment of co-located wave energy and offshore aquaculture systems under operational uncertainty

In recent years, Multi-purpose Offshore Platforms (MPOP) have emerged as a novel solution to address the increasing global food and energy demand. Beyond the conceptual and qualitative analysis, this paper develops a hybrid quantitative framework to evaluate the life-cycle performance of co-located Wave Energy Converters (WECs) and offshore aquaculture (AQ) systems. The framework integrates hydrodynamic numerical simulations and probabilistic reliability analysis into a System Dynamics (SD) model to simulate complex subsystem interactions and quantify the system productivity and economic feasibility under environmental and operational uncertainty. A case study in Southern Tasmania demonstrates that the upstream WEC farm effectively reduces the incoming wave heights by up to 23%, mitigating aquaculture mooring tensions of the downstream salmon farm by 18%. This protection effect translates into an economic benefit that the co-located configuration achieves a 30.7% reduction in Life Cycle Costs (LCC) compared to the stand-alone configuration. Furthermore, the MPOP demonstrates the robust power capacity, ensuring a continuous off-grid power supply despite long-term component degradation and fluctuating aquaculture power demand. The results validate the MPOP concept as a commercially viable solution for sustainable blue economy development and provide a comprehensive simulation and decision-making tool for exploring future offshore multi-sector cooperation. • A unified framework evaluates performance and risk of co-located renewable systems. • Environmental and operational uncertainties are explicitly incorporated. • System interactions affecting energy output and reliability are identified. • An offshore case study demonstrates practical applicability.