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Breaking-Down and Parameterising Wave Energy Converter Costs Using the CapEx and Similitude Methods

Author

Listed:
  • Ophelie Choupin

    (School of Engineering and Built Environment, and Griffith Centre for Coastal Management, Griffith University, Gold Coast, QLD 4222, Australia)

  • Michael Henriksen

    (Wavepiston, Helsingør, 3000 Hovedstaden, Denmark)

  • Amir Etemad-Shahidi

    (School of Engineering and Built Environment, and Griffith Centre for Coastal Management, Griffith University, Gold Coast, QLD 4222, Australia
    School of Engineering, Edith Cowan University, Joondalup, WA 6027, Australia)

  • Rodger Tomlinson

    (School of Engineering and Built Environment, and Griffith Centre for Coastal Management, Griffith University, Gold Coast, QLD 4222, Australia)

Abstract

Wave energy converters (WECs) can play a significant role in the transition towards a more renewable-based energy mix as stable and unlimited energy resources. Financial analysis of these projects requires WECs cost and WEC capital expenditure (CapEx) information. However, (i) cost information is often limited due to confidentiality and (ii) the wave energy field lacks flexible methods for cost breakdown and parameterisation, whereas they are needed for rapid and optimised WEC configuration and worldwide site pairing. This study takes advantage of the information provided by Wavepiston to compare different costing methods. The work assesses the Froude-Law-similarities-based “Similitude method” for cost-scaling and introduces the more flexible and generic “CapEx method” divided into three steps: (1) distinguishing WEC’s elements from the wave energy farm (WEF)’s; (2) defining the parameters characterising the WECs, WEFs, and site locations; and (3) estimating elements that affect WEC and WEF elements’ cost and translate them into factors using the parameters defined in step (2). After validation from Wavepiston manual estimations, the CapEx method showed that the factors could represent up to 30% of the cost. The Similitude method provided slight cost-overestimations compared to the CapEx method for low WEC up-scaling, increasing exponentially with the scaling.

Suggested Citation

  • 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.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:4:p:902-:d:496277
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    3. Yi Zhang & Dapeng Zhang & Haoyu Jiang, 2023. "A Review of Offshore Wind and Wave Installations in Some Areas with an Eye towards Generating Economic Benefits and Offering Commercial Inspiration," Sustainability, MDPI, vol. 15(10), pages 1-32, May.
    4. Choupin, O. & Pinheiro Andutta, F. & Etemad-Shahidi, A. & Tomlinson, R., 2021. "A decision-making process for wave energy converter and location pairing," Renewable and Sustainable Energy Reviews, Elsevier, vol. 147(C).
    5. 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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