A Real Options Optimization Model to Meet Availability Requirements for Offshore Wind Turbines

  title={A Real Options Optimization Model to Meet Availability Requirements for Offshore Wind Turbines},
  author={Gilbert Haddad and Peter Sandborn and Michael G. Pecht},
This paper provides an optimization model based on Real Options (RO) and stochastic dynamic programming for the availability maximization of an offshore wind farm with prognostic capabilities. Alternative energy sources such as offshore wind turbines are promising technologies, but they are capital intensive projects, and the economics of the project depend heavily on the wind resources, and the availability of the turbines. Prognostics and health management (PHM) is an enabling technology that… CONTINUE READING


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