Economic and socio-economic assessment methods for ocean renewable energy: Public and private perspectives

Dalton, Gordon; Allan, Grant; Beaumont, Nicola; Georgakaki, Aliki; Hacking, Nicholas; Hooper, Tara; Kerr, Sandy; O’Hagan, Anne Marie; Reilly, Kieran; Ricci, P.; Sheng, Wanan; Stallard, Tim

doi:10.1016/j.rser.2015.01.068

Cited by 64 publications

(32 citation statements)

References 96 publications

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“…As has been highlighted in [224], economic and societal aspects of offshore renewables are inter-connected and synergistic research areas; therefore, they should be analyzed in a holistic approach in order to guarantee sustainability. This approach may be greatly enriched from the experience gained from onshore and offshore renewable applications, as it constitutes a valuable tool towards understanding and overcoming such challenges of MRE development in the Mediterranean; see also the interesting review in [225] with many examples from onshore wind farms in Greece, and [205].…”

Section: Socio-economic Considerationsmentioning

confidence: 99%

Marine Renewable Energy in the Mediterranean Sea: Status and Perspectives

et al. 2017

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Abstract:In this work, an extended overview of the marine renewable energy in the Mediterranean Sea is provided as regards current status, potential problems, challenges, and perspectives of development. An integrated and holistic approach is necessary for the economic viability and sustainability of marine renewable energy projects; this approach comprises three different frameworks, not always aligned, i.e., geotechnical/engineering, socio-economic, and environmental/ ecological frameworks. In this context, the geomorphological, climatological, socio-economic, and environmental/ecological particularities of the Mediterranean basin are discussed, as they constitute key issues of the spatial context in which marine renewable energy projects are to be implemented. General guidelines for the sustainable development of marine renewable energy in the Mediterranean are also provided.Keywords: marine renewable energy; ocean energy; offshore wind energy; marine spatial planning; Mediterranean Sea; roadmap for marine energy development Key TopicsThe main topics that this paper deals with, can be summarized as follows: •Global status of the different types of marine renewable energy (MRE), i.e., offshore wind, wave, tidal, thermal, and salinity gradients energy conversion:

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Section: Socio-economic Considerationsmentioning

confidence: 99%

Marine Renewable Energy in the Mediterranean Sea: Status and Perspectives

et al. 2017

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“…Frazerhurst [18] states that local bathymetry has significant impact on wave characteristics, creating "hotspots" of wave energy. Choosing a location with ocean characteristics that matches the performance characteristics of the WEC is vital, as financial revenue is generated from this match [19]. Therefore, References [19][20][21] argue that detailed resource data collection and analysis is imperative to viability of commercialization.…”

Section: Lcoementioning

confidence: 99%

Critical Factors Influencing Viability of Wave Energy Converters in Off-Grid Luxury Resorts and Small Utilities

et al. 2016

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This paper examines technical and non-technical factors that are critical to the viability of commercialization of wave energy converters in off-grid luxury resorts and small utilities. Critical factors are found by investigating Levelized Cost of Energy, and using the tools PESTEL and Porter's five competitive forces. Identified factors are then applied on three business cases to investigate their impact on viability. The results show that one of the main challenges facing off-grid commercialization is the few wave energy converter units installed per location, negating the economy of scale that large wave energy farms count on to achieve competitive cost levels. In addition, factors like current cost of energy, available wave resources, distance from shore, infrastructure, supply chain logistics, and electricity demand are found to be deciding factors for viability. Despite these challenges, it is found that there are potentially viable off-grid business cases for commercialization of wave energy converters.The wave energy industry is investigating alternative off-grid market opportunities to accelerate technology and reliability-validation, and to accomplish financial goals. Establishing WEC standards and proving the technology in these markets can accelerate the process of large grid operators adopting WEC solutions. In this paper, off-grid systems are defined as isolated power production systems below 10 MW of production capacity.

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“…The economic analysis is based on the concepts of Net Present Value (NPV), discounted Payback Time (PBT), and Internal Rate of Return (IRR) (Dalton et al, 2015).…”

Section: Economic Analysismentioning

confidence: 99%