Portfolio optimization of offshore renewables

The objective of this project was to perform cost-optimization analysis of electricity generation derived from offshore wind, ocean current, and wave energy off the North Carolina coast and evaluate the potential role of these technologies in the state’s future generation portfolio. Building on our previous work, we performed a novel portfolio analysis using hourly data and identified the most promising offshore locations and generation technologies. Additionally, we integrated the optimal offshore energy portfolio into our open source capacity expansion model of the NC electric power sector to evaluate the cost-effectiveness of offshore renewable energy in North Carolina. The final report with the results of this project is available at: Ocean Project Report 2020.