IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v8y2016i11p1109-d81689.html

Techno-Economic Related Metrics for a Wave Energy Converters Feasibility Assessment

Author

Listed:
  • Adrian De Andres

    (Institute for Energy Systems, University of Edinburgh, West Mains Road, Edinburgh EH9 3JN, UK)

  • Jéromine Maillet

    (CorPower Ocean, Brinellvägen 23, 114 28 Stockholm, Sweden)

  • Jørgen Hals Todalshaug

    (CorPower Ocean, Brinellvägen 23, 114 28 Stockholm, Sweden)

  • Patrik Möller

    (CorPower Ocean, Brinellvägen 23, 114 28 Stockholm, Sweden)

  • David Bould

    (Institute for Energy Systems, University of Edinburgh, West Mains Road, Edinburgh EH9 3JN, UK)

  • Henry Jeffrey

    (Institute for Energy Systems, University of Edinburgh, West Mains Road, Edinburgh EH9 3JN, UK)

Abstract

When designing “multi-MW arrays” of Wave Energy Converters (WECs), having a low number of converters with high individual power ratings can be beneficial as the Operation and Maintenance (O&M) costs may be reduced. However, having converters of small dimensions or small power ratings could also be beneficial, as suggested by previous works, due to a reduction in material costs as compared to power production, and the use of small, inexpensive vessels. In this work, a case study investigating the optimum size of WEC for a 20 MW array is performed. Analysis is carried out based on the CorPower Ocean technology. In this case study, firstly a Levelized Cost of Energy (LCOE) model is created. This model incorporates the latest Capital Expenditure (CAPEX) estimates for CorPower Ocean’s 250 kW prototype. Using this techno-economic model, several sizes/ratings of WEC are tested for use in a 20 MW array. Operational Expenditure (OPEX) is calculated using two different calculation approaches in order to check its influence on final indicators. OPEX is firstly calculated as a percentage of CAPEX, as shown in previous works, and secondly using a failure-repair model, taking into account individual failures of WECs in the array. Size/rating analysis is carried out for several European locations in order to establish any dependence between site location and optimal WEC size/rating. Several metrics for techno-economic assessment of marine energy converters, other than LCOE, are compared in this work. A comparison of several devices with each these metrics is performed within this study.

Suggested Citation

  • Adrian De Andres & Jéromine Maillet & Jørgen Hals Todalshaug & Patrik Möller & David Bould & Henry Jeffrey, 2016. "Techno-Economic Related Metrics for a Wave Energy Converters Feasibility Assessment," Sustainability, MDPI, vol. 8(11), pages 1-19, October.
    • Handle: RePEc:gam:jsusta:v:8:y:2016:i:11:p:1109-:d:81689
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/8/11/1109/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/8/11/1109/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Babarit, A., 2015. "A database of capture width ratio of wave energy converters," Renewable Energy, Elsevier, vol. 80(C), pages 610-628.
    2. O'Connor, M. & Lewis, T. & Dalton, G., 2013. "Techno-economic performance of the Pelamis P1 and Wavestar at different ratings and various locations in Europe," Renewable Energy, Elsevier, vol. 50(C), pages 889-900.
    3. MacGillivray, Andrew & Jeffrey, Henry & Winskel, Mark & Bryden, Ian, 2014. "Innovation and cost reduction for marine renewable energy: A learning investment sensitivity analysis," Technological Forecasting and Social Change, Elsevier, vol. 87(C), pages 108-124.
    4. Babarit, A. & Hals, J. & Muliawan, M.J. & Kurniawan, A. & Moan, T. & Krokstad, J., 2012. "Numerical benchmarking study of a selection of wave energy converters," Renewable Energy, Elsevier, vol. 41(C), pages 44-63.
    5. Farrell, Niall & Donoghue, Cathal O’ & Morrissey, Karyn, 2015. "Quantifying the uncertainty of wave energy conversion device cost for policy appraisal: An Irish case study," Energy Policy, Elsevier, vol. 78(C), pages 62-77.
    6. de Andres, A. & Guanche, R. & Vidal, C. & Losada, I.J., 2015. "Adaptability of a generic wave energy converter to different climate conditions," Renewable Energy, Elsevier, vol. 78(C), pages 322-333.
    7. Guanche, R. & de Andrés, A.D. & Simal, P.D. & Vidal, C. & Losada, I.J., 2014. "Uncertainty analysis of wave energy farms financial indicators," Renewable Energy, Elsevier, vol. 68(C), pages 570-580.
    8. O'Connor, M. & Lewis, T. & Dalton, G., 2013. "Operational expenditure costs for wave energy projects and impacts on financial returns," Renewable Energy, Elsevier, vol. 50(C), pages 1119-1131.
    9. Gunn, Kester & Stock-Williams, Clym, 2012. "Quantifying the global wave power resource," Renewable Energy, Elsevier, vol. 44(C), pages 296-304.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tunde Aderinto & Hua Li, 2018. "Ocean Wave Energy Converters: Status and Challenges," Energies, MDPI, vol. 11(5), pages 1-26, May.
    2. 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.
    3. 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.
    4. Chen, Bangqi & Luan, Zhengxiao & He, Guanghua & He, Runhua & Liu, Chaogang, 2026. "Techno-economic assessment of wave energy converters arranged on an octagonal platform using multiple financial parameters," Renewable Energy, Elsevier, vol. 256(PA).
    5. Lavidas, George & Venugopal, Vengatesan, 2017. "A 35 year high-resolution wave atlas for nearshore energy production and economics at the Aegean Sea," Renewable Energy, Elsevier, vol. 103(C), pages 401-417.
    6. Wang, Yingguang & Wang, Lifu, 2018. "Towards realistically predicting the power outputs of wave energy converters: Nonlinear simulation," Energy, Elsevier, vol. 144(C), pages 120-128.
    7. Coe, Ryan G. & Ahn, Seongho & Neary, Vincent S. & Kobos, Peter H. & Bacelli, Giorgio, 2021. "Maybe less is more: Considering capacity factor, saturation, variability, and filtering effects of wave energy devices," Applied Energy, Elsevier, vol. 291(C).
    8. Choupin, Ophelie & Henriksen, Michael & Tomlinson, Rodger, 2022. "Interrelationship between variables for wave direction-dependent WEC/site-configuration pairs using the CapEx method," Energy, Elsevier, vol. 248(C).
    9. 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).
    10. 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.
    11. Lavidas, George, 2019. "Energy and socio-economic benefits from the development of wave energy in Greece," Renewable Energy, Elsevier, vol. 132(C), pages 1290-1300.
    12. Delpey, Matthias & Lastiri, Ximun & Abadie, Stéphane & Roeber, Volker & Maron, Philippe & Liria, Pedro & Mader, Julien, 2021. "Characterization of the wave resource variability in the French Basque coastal area based on a high-resolution hindcast," Renewable Energy, Elsevier, vol. 178(C), pages 79-95.
    13. Wan, Ling & Moan, Torgeir & Gao, Zhen & Shi, Wei, 2024. "A review on the technical development of combined wind and wave energy conversion systems," Energy, Elsevier, vol. 294(C).
    14. Bertram, D.V. & Tarighaleslami, A.H. & Walmsley, M.R.W. & Atkins, M.J. & Glasgow, G.D.E., 2020. "A systematic approach for selecting suitable wave energy converters for potential wave energy farm sites," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    15. 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).
    16. Guanche, R. & de Andrés, A.D. & Simal, P.D. & Vidal, C. & Losada, I.J., 2014. "Uncertainty analysis of wave energy farms financial indicators," Renewable Energy, Elsevier, vol. 68(C), pages 570-580.
    17. Giorcelli, Filippo & Giglio, Enrico & Sirigu, Sergej Antonello & Mattiazzo, Giuliana, 2025. "Power grid informed techno-economic analysis of the optimal PeWEC design," Energy, Elsevier, vol. 334(C).
    18. Garcia-Teruel, A. & Forehand, D.I.M., 2021. "A review of geometry optimisation of wave energy converters," Renewable and Sustainable Energy Reviews, Elsevier, vol. 139(C).
    19. Lavidas, George, 2020. "Selection index for Wave Energy Deployments (SIWED): A near-deterministic index for wave energy converters," Energy, Elsevier, vol. 196(C).
    20. Giorcelli, Filippo & Cabrera, Pedro & Paduano, Bruno & Sirigu, Sergej Antonello & Mattiazzo, Giuliana, 2025. "Energy system co-design approach for WECs optimisation: the pendulum wave energy converter case study," Applied Energy, Elsevier, vol. 402(PA).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:8:y:2016:i:11:p:1109-:d:81689. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.