The EU-backed MARINEWIND project has introduced an interactive modelling tool designed to assess the Levelised Cost of Energy (LCOE) for both floating and bottom-fixed offshore wind farms, aiming to improve cost forecasting and investment planning across the sector.
Developed under the Horizon Europe programme and co-funded by UK Research and Innovation (UKRI), the tool was led by the University of York with contributions from European partners including APRE, Europêche, CNR, Energy Systems Catapult, Q-PLAN International, Ricerca Sul Sistema Energetico, SENER and WavEC Offshore Renewables.
Unlike conventional LCOE calculators that provide a single cost figure, the MARINEWIND model captures real-world variability by incorporating factors such as inflation, interest rates, operating costs and changing wind conditions. It produces a range of cost outcomes across a project’s lifetime to reflect market and environmental uncertainty.
“The tool bridges the gap between financial modelling and technological uncertainty,” said Paola Zerilli, MARINEWIND scientific coordinator at the University of York. “By showing realistic ranges instead of fixed numbers, it helps investors, policymakers and researchers make more informed decisions about where and how floating wind can be most cost-effective.”
The model features adjustable, country-specific parameters for capital and operational expenditure, tariffs and energy production, enabling users to simulate financing strategies and market conditions. It outputs evolving economic indicators, including LCOE, Weighted Average Cost of Capital and Return on Equity.
Designed to assist developers, financiers, regulators and researchers, the MARINEWIND LCOE Tool forms part of a broader initiative to accelerate floating offshore wind deployment across Europe. It complements other MARINEWIND resources, such as its Booklet of Recommendations and WebGIS mapping platform, both intended to support the EU’s offshore renewable energy expansion goals.
