New Offshore Wind Feasibility Study Released

October 18, 2022

“A 60MW offshore wind farm could generate up to 40% of Bermuda’s electricity,” according to a new study released by Greenrock into Offshore Wind Feasibility.

A spokesperson said, “After completing an independent review of work carried out to date a few months ago, Greenrock is pleased to announce the release of an Offshore Wind detailed cost of energy assessment which has been designed to help us determine, with confidence, the likely range of costs for electricity delivered by an offshore wind farm in Bermuda.

“In summary, this study has revealed that a 60MW offshore wind farm could generate up to 40% of Bermuda’s electricity, with a cost, at the point of generation, that is around 30% less than the cost of generation from fuel oil.

“Key points from the study are as follows:

  • “Electricity cost from offshore wind is likely to range from $0.152 – $0.158/kWh. Based on our own analysis of BELCo’s current cost, at the point of generation, this is about 30% cheaper than generating electricity from fuel oil.
  • “An offshore wind farm could generate between 3,700 – 3,853 MWh/MW. We have calculated that for a 60MW wind farm this would work out to about 40% of Bermuda’s electricity supply.
  • “Using information from the report, we have calculated potential savings from a 60MW offshore wind farm at $15.8M – $17.9M/year at current prices.
  • “The report includes a detailed cost breakdown, to help us understand how sensitive the electricity cost projections are when applied to different scenarios.
  • “Upcoming studies on spatial planning and the desktop wind resource assessment should further increase confidence in the projected energy costs.

“The third study, a Spatial Assessment, is currently in progress and the work required to complete it will continue for a number of weeks.

The full Bermuda Offshore Wind: LCOE assessment follows below [PDF here]:

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Category: All, Environment