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Economic feasibility study of ocean wave electricity generation in Brazil

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  • de Oliveira, Lucas
  • Santos, Ivan Felipe Silva dos
  • Schmidt, Nágila Lucietti
  • Tiago Filho, Geraldo Lúcio
  • Camacho, Ramiro Gustavo Ramirez
  • Barros, Regina Mambeli

Abstract

Capturing wave power from the ocean is a renewable energy form which complements and diversifies energy grid sources. With its extensive coastline, Brazil has great potential for wave power generation. Economic viability is a key factor for energy generation projects, so the aim of this study is to conduct an economic assessment and Levelized Cost of Energy (LCOE) involved in implementation of wave energy converter devices to generate electricity in Brazil, given the various uncertainties associated with the parameters involved. To this end, the study was divided into two stages: an energy and economic analysis was carried out to implement wave energy converters in three regions of Brazil with two different converter devices; then, the levelized costs of electricity generation were calculated, given the multiple parameter variations involved, in order to observe the possible oscillations of these costs and the parameters responsible for the greatest impact. The results show that a high capacity factor has the best influence on LCOE values, making the ocean wave energy sales rate comparable with photovoltaic solar energy in Brazil. The study highlights the importance of investment in technology and development for ocean wave energy in order to see greater gains, thus making this type of project generation in Brazil greater possibility.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:renene:v:178:y:2021:i:c:p:1279-1290
    DOI: 10.1016/j.renene.2021.07.009
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    3. Manuela Castañeda & Elkin I. Gutiérrez-Velásquez & Claudio E. Aguilar & Sergio Neves Monteiro & Andrés A. Amell & Henry A. Colorado, 2022. "Sustainability and Circular Economy Perspectives of Materials for Thermoelectric Modules," Sustainability, MDPI, vol. 14(10), pages 1-19, May.
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    5. Joensen, Bárður & Bingham, Harry B., 2024. "Economic feasibility study for wave energy conversion device deployment in Faroese waters," Energy, Elsevier, vol. 295(C).
    6. Silva, R.N. & Nunes, M.M. & Oliveira, F.L. & Oliveira, T.F. & Brasil, A.C.P. & Pinto, M.S.S., 2023. "Dynamical analysis of a novel hybrid oceanic tidal-wave energy converter system," Energy, Elsevier, vol. 263(PD).
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