Offshore Renewable Wind & Wave Energy

The meteorological and oceanographic conditions which may influence the design of offshore renewables consist of phenomena such as wind, waves and current, that include respective directions as part of the conditions that may govern the design.

Modelling and analysis is performed using a range of software packages, where some packages can be driven via an API as well as via a GUI or command line call.
In this study, an application is developed that uses an API to support in the aero- and hydrodynamic modelling & analysis, for evaluating performance in floating offshore renewables environmental conditions

Integrating sustainability and sustainable development is fundamental to designing effective short- and long-term strategies, including sustainability problems related to climate change and United Nations sustainable development goals. UN Sustainable Development Goals encompasses 17 goals to transform our world.

This software project implements a method for financial evaluation of investments in sustainability technology, including development of standalone small scale software applications. This will include uncertainty and risks to project viability or sustainability, where the objective is to measure and quantify uncertainty and risk with probabilistic distribution models, that includes the stochastic processes that underly the discounted cash-flow.

This Figure is a screenshot showing an input as normal distributed discount rate.

The traditional method to measure risk is to determine several different scenarios for probable results of discounted cash flow (DCF) or net present value (NPV) to justify a realization of the project.
However, a probabilistic simulation models incorporate uncertainty and risk by using statistical distributions as input, that includes the stochastic processes that underly the discounted cash-flow.
Then a detailed statistical description and the probability of different outcomes in each scenario is achieved.


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