Assessment of cost-benefit analysis for offshore electricity infrastructure development
Bhagwat, Pradyumna ; Schittekatte, Tim ; Keyaerts, Nico ; Meeus, Leonardo
Bhagwat, Pradyumna
Schittekatte, Tim
Keyaerts, Nico
Meeus, Leonardo
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Publication Type
Working paper
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Publication Year
2017
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Book
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Publication Number of pages
25
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Abstract
The application of cost-benefit analysis (CBA) for offshore electricity infrastructure projects with a pan-European impact is discussed. An analytical framework for the evaluation of CBA methodologies is presented. The framework is then applied to assess the CBAs of three offshore infrastructure projects (EWIC, COBRAcable and ISLES). Overall, the CBAs assessed already comply with several dimensions of the analytical framework. However, based on this assessment it is found that scope for improvement in quality exists in three areas namely, in considering project interactions, in dealing with uncertainty and in making the results between CBAs comparable by ensuring full monetisation. Furthermore, the research also confirms the view that a common harmonised CBA methodology is essential for selection of PCIs.
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Keywords
Cost-Benefit Analysis, Offshore Infrastructure, Electricity Transmission, Transmission Expansion Planning