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A comprehensive analysis method for levelized cost of energy in tidal current power generation farms

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  • Yang, Zhixue
  • Ren, Zhouyang
  • Li, Zhenwen
  • Xu, Yan
  • Li, Hui
  • Li, Wenyuan
  • Hu, Xiuqiong

Abstract

This paper proposes a comprehensive analysis method for levelized costs of energy (LCOE) in tidal current power generation farms (TCPGFs). The detailed investment and operation costs in the life cycles of TCPGF projects are all quantified and incorporated in the calculation of LCOE, including the emission reduction benefits brought by TCPGFs. An annual electricity production (AEP) evaluation technique is proposed, in which the impacts of wake effects, TCPGF reliability and tidal current velocity (TCV) characteristics in the planning sea area are considered. A detailed capital expenditures (CAPEX) model is developed to incorporate all related costs at different stages of TCPGF project. An evaluation model considering the variations of annual operation expenditures (OPEX) is presented. The accuracy of the proposed method is verified using the measured data, which are collected from MeyGen Phase 1A project in UK and two sites located in UK and America.

Suggested Citation

  • Yang, Zhixue & Ren, Zhouyang & Li, Zhenwen & Xu, Yan & Li, Hui & Li, Wenyuan & Hu, Xiuqiong, 2022. "A comprehensive analysis method for levelized cost of energy in tidal current power generation farms," Renewable Energy, Elsevier, vol. 182(C), pages 982-991.
    • Handle: RePEc:eee:renene:v:182:y:2022:i:c:p:982-991
    DOI: 10.1016/j.renene.2021.11.026
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    8. Yang, Zhixue & Ren, Zhouyang & Li, Hui & Pan, Zhen & Xia, Weiyi, 2024. "A review of tidal current power generation farm planning: Methodologies, characteristics and challenges," Renewable Energy, Elsevier, vol. 220(C).
    9. Garcia-Novo, Patxi & Inubuse, Masako & Matsuno, Takeshi & Kyozuka, Yusaku & Archer, Philip & Matsuo, Hiroshi & Henzan, Katsuhiro & Sakaguchi, Daisaku, 2024. "Characterization of the wake generated downstream of a MW-scale tidal turbine in Naru Strait, Japan, based on vessel-mounted ADCP data," Energy, Elsevier, vol. 299(C).
    10. Han, Fengwu & Zeng, Jianfeng & Lin, Junjie & Gao, Chong & Ma, Zeyang, 2023. "A novel two-layer nested optimization method for a zero-carbon island integrated energy system, incorporating tidal current power generation," Renewable Energy, Elsevier, vol. 218(C).

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