On Asset Life Cycle Management for Offshore Wind Turbines : A Case Study of Horns Rev 1

Abstract: The world’s first large scale offshore wind farm, Horns Rev 1, is approaching the decommissioning phase the profitability of future investments therefore has to be investigated further. Investment decision-making requires the consideration of several perspectives based on a life cycle view of the asset’s condition and profitability. In order to contribute to the economical perspective of Asset Life Cycle Management, a business case model has been developed in two parts, one that represents the whole wind farm and one for a single wind turbine. Through the two models, the user can examine the profitability of a wind farm from a system perspective as well as on a more detailed level. The purposes of these models are to assist in the budget planning of Horns Rev 1 and provide support for investment decisionmaking.