Methodology for Analysing the Social Cost of Energy (SCOE) for a floating photovoltaic plant (FPV) in Spain

The growing need of the global society to harness renewable resources has resulted in a heightened curiosity to adopt innovative technologies in novel settings. An illustration of this phenomenon can be seen in offshore floating solar power facilities (FPV). As of August 2020, cumulative installed floating solar PV capacity was over 2 GW in 338 active projects and in 35 countries worldwide [1]. The rising interest in FPV is boosted by its decreasing LCOE (Levelized Cost of Energy), which refers to the estimated revenue required to build and operate a generator over a specified cost recovery period [2], as records indicate that FPV could reach competitive prices of 0.05 USD/kWh by 2030 and 0.04 USD/kWh by 2050 [3] as cited in [1]. The aim of the paper is to introduce a methodology developed to evaluate the societal consequences and externalities linked with the implementation of a floating photovoltaic plant in Spain, specifically in a region in north-western Spain. The employed methodology is based in analysing the Social Cost of Energy (SCOE), which integrates a multifaceted approach. It combines economic valuation techniques, environmental impact assessments, and social cost-benefit analysis for the quantification of the holistic impact of the OFV project. The findings highlight the significance of considering social costs alongside traditional economic metrics when assessing renewable energy projects such as floating photovoltaic plants. In conclusion, this research underscores the necessity of incorporating social cost considerations into energy policy and decision-making processes to ensure the achievement of sustainable and socially responsible energy transitions in Spain. Key words. Social Cost of Energy, Social Impact, Sustainable Development, Methodological Framework, Floating Photovoltaic.