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The Economic Feasibility of Floating Offshore Wave Energy Farms in the North of Spain

Author

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  • Laura Castro-Santos

    (Departamento de Enxeñaría Naval e Oceánica, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain
    Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisboa, Portugal)

  • Ana Rute Bento

    (Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisboa, Portugal)

  • Carlos Guedes Soares

    (Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisboa, Portugal)

Abstract

A technique to analyse the economic viability of offshore farms composed of wave energy converters is proposed. Firstly, the inputs, whose value will be considered afterwards in the economic step, was calculated using geographic information software. Secondly, the energy produced by each wave converter was calculated. Then the economic factors were computed. Finally, the restriction that considers the depth of the region (bathymetry) was put together with the economic outputs, whose value depends on the floating Wave Energy Converter (WEC). The method proposed was applied to the Cantabric and Atlantic coasts in the north of Spain, a region with a good offshore wave energy resource. In addition, three representative WECs were studied: Pelamis, AquaBuoy and Wave Dragon; and five options for electric tariffs were analysed. Results show the Wave Energy Converter that has the best results regarding its LCOE (Levelized Cost of Energy), IRR (Internal Rate of Return) and NPV (Net Present Value), and which area is best for the development of a wave farm.

Suggested Citation

  • Laura Castro-Santos & Ana Rute Bento & Carlos Guedes Soares, 2020. "The Economic Feasibility of Floating Offshore Wave Energy Farms in the North of Spain," Energies, MDPI, vol. 13(4), pages 1-19, February.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:4:p:806-:d:319850
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    References listed on IDEAS

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    4. Ophelie Choupin & Michael Henriksen & Amir Etemad-Shahidi & Rodger Tomlinson, 2021. "Breaking-Down and Parameterising Wave Energy Converter Costs Using the CapEx and Similitude Methods," Energies, MDPI, vol. 14(4), pages 1-27, February.
    5. Américo S. Ribeiro & Maite deCastro & Liliana Rusu & Mariana Bernardino & João M. Dias & Moncho Gomez-Gesteira, 2020. "Evaluating the Future Efficiency of Wave Energy Converters along the NW Coast of the Iberian Peninsula," Energies, MDPI, vol. 13(14), pages 1-15, July.
    6. Díaz, H. & Guedes Soares, C., 2022. "A novel multi-criteria decision-making model to evaluate floating wind farm locations," Renewable Energy, Elsevier, vol. 185(C), pages 431-454.
    7. Juan-Manuel Roldan-Fernandez & Javier Serrano-Gonzalez & Francisco Gonzalez-Longatt & Manuel Burgos-Payan, 2021. "Impact of Spanish Offshore Wind Generation in the Iberian Electricity Market: Potential Savings and Policy Implications," Energies, MDPI, vol. 14(15), pages 1-17, July.
    8. Jichuan Kang & Zihao Wang & C. Guedes Soares, 2020. "Condition-Based Maintenance for Offshore Wind Turbines Based on Support Vector Machine," Energies, MDPI, vol. 13(14), pages 1-17, July.
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    10. Chenglong Guo & Wanan Sheng & Dakshina G. De Silva & George Aggidis, 2023. "A Review of the Levelized Cost of Wave Energy Based on a Techno-Economic Model," Energies, MDPI, vol. 16(5), pages 1-30, February.

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