Replacement Policies for Fixed and Floating Wind Farms

We present a model to explore replacement and ordering policies in offshore wind farms that contain both fixed-bottom and floating wind turbines situated in shallow and deep waters, respectively. The model incorporates two types of turbines that experience distinct, yet possibly correlated environments. That is, the distance between the two types of turbines is sufficient to induce different degradation rates, yet their evolutions are correlated because they reside in the same overall region. Our goal is to optimally prescribe policies for replacing turbines and ordering jackup vessels (JUVs) to reduce overall maintenance costs, while accounting for the stochastic dependence arising from correlated environmental conditions and the resource dependence associated with a shared JUV. By capturing these dependencies, we provide insights into optimal policies, enhancing the cost-effectiveness of maintenance activities in offshore wind farms.