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A comprehensive evaluation of factors affecting the levelized cost of wave energy conversion projects

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  • Chang, Grace
  • Jones, Craig A.
  • Roberts, Jesse D.
  • Neary, Vincent S.

Abstract

The primary objectives of this study are to evaluate the levelized cost of energy (LCOE) for different wave energy conversion strategies and to examine cost reduction pathways such that wave energy conversion projects are competitive, relative to alternative energy industries. The energy production of six different WEC devices was estimated for four sites along the U.S. Pacific coast. The LCOE of pilot-scale wave energy conversion projects was estimated to range between $0.07/kWh and $0.92/kWh higher than the target LCOE of those for early-market offshore wind energy projects. Device capacity factors were generally below the commonly assumed value of 30%. Methods of cost reduction to the target LCOE of $0.30/kWh were explored, including decreasing capital and operational expenditures (CAPEX and OPEX) and increasing annual energy production (AEP) through improvements in the wave energy resource and WEC and WEC array performance, and advanced controls. Results indicate that CAPEX and OPEX should be reduced by at least 45% and AEP should be increased by 200%. A reduction of CAPEX and OPEX by 75%, combined with array evaluation and control strategies capable of increasing AEP by 12%–55% could also result in LCOE for wave energy conversion projects of less than $0.30/kWh.

Suggested Citation

  • Chang, Grace & Jones, Craig A. & Roberts, Jesse D. & Neary, Vincent S., 2018. "A comprehensive evaluation of factors affecting the levelized cost of wave energy conversion projects," Renewable Energy, Elsevier, vol. 127(C), pages 344-354.
    • Handle: RePEc:eee:renene:v:127:y:2018:i:c:p:344-354
    DOI: 10.1016/j.renene.2018.04.071
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    11. Choupin, O. & Têtu, A. & Del Río-Gamero, B. & Ferri, F. & Kofoed, JP., 2022. "Premises for an annual energy production and capacity factor improvement towards a few optimised wave energy converters configurations and resources pairs," Applied Energy, Elsevier, vol. 312(C).
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    13. Coe, Ryan G. & Bacelli, Giorgio & Forbush, Dominic, 2021. "A practical approach to wave energy modeling and control," Renewable and Sustainable Energy Reviews, Elsevier, vol. 142(C).
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    17. 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.
    18. Ahn, Seongho & Haas, Kevin A. & Neary, Vincent S., 2020. "Wave energy resource characterization and assessment for coastal waters of the United States," Applied Energy, Elsevier, vol. 267(C).
    19. Rosa-Santos, Paulo & Taveira-Pinto, Francisco & Rodríguez, Claudio A. & Ramos, Victor & López, Mario, 2019. "The CECO wave energy converter: Recent developments," Renewable Energy, Elsevier, vol. 139(C), pages 368-384.
    20. de Oliveira, Lucas & Santos, Ivan Felipe Silva dos & Schmidt, Nágila Lucietti & Tiago Filho, Geraldo Lúcio & Camacho, Ramiro Gustavo Ramirez & Barros, Regina Mambeli, 2021. "Economic feasibility study of ocean wave electricity generation in Brazil," Renewable Energy, Elsevier, vol. 178(C), pages 1279-1290.
    21. Ruth Branch & Gabriel García-Medina & Zhaoqing Yang & Taiping Wang & Fadia Ticona Rollano & Lucia Hosekova, 2021. "Modeling Sea Ice Effects for Wave Energy Resource Assessments," Energies, MDPI, vol. 14(12), pages 1-15, June.

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