Risk vs. Reward: A Methodology to Assess Investment in Marine Energy

Hutcheson, John M.; Andrés, Adrián de; Jeffrey, Henry

doi:10.3390/su8090873

Cited by 6 publications

(3 citation statements)

References 12 publications

(26 reference statements)

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“…The authors of [127] proposed a new methodology that can be used to account for both risk and the LCOE to give a clearer picture of the feasibility of a WEC development.…”

Section: Evaluation and Selectionmentioning

confidence: 99%

Review of Systems Engineering (SE) Methods and Their Application to Wave Energy Technology Development

Ruiz‐Minguela

Nava

Hodges³

et al. 2020

JMSE

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The design of effective and economically viable wave energy devices involves complex decision-making about the product based on conceptual design information, including stakeholder requirements, functions, components and technical parameters. The great diversity of concepts makes it extremely difficult to create fair comparisons of the relative merits of the many different designs. Conventional design approaches have proved insufficient to guarantee wave energy technologies meet their technical and economic goals. Systems engineering can provide a suitable framework to overcome the obstacles towards a successful wave energy technology. The main objective of this work is to review the well-established systems engineering approaches that have been successfully implemented in complex engineering problems and to what extent they have been applied to wave energy technology development. The paper first reviews how system information can be organised in different design domains to guide the synthesis and analysis activities and the definition of requirements and metrics, as well as the search for solutions and decision-making. Then, an exhaustive literature review on the application of systems engineering approaches to wave energy development is presented per design domain. Finally, a set of conclusions is drawn, along with some suggestions for improving the effectiveness of wave energy technology development.

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“…The authors of [127] proposed a new methodology that can be used to account for both risk and the LCOE to give a clearer picture of the feasibility of a WEC development.…”

Section: Evaluation and Selectionmentioning

confidence: 99%

Review of Systems Engineering (SE) Methods and Their Application to Wave Energy Technology Development

Ruiz‐Minguela

Nava

Hodges³

et al. 2020

JMSE

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“…Besides producing green energy, wind turbines, wave energy converters and hybrid farms are expensive and pose a large risk in development [32]. Even so, according to a recent study [33], there is an actual trend in sustainable electricity generation not only among G20 countries but all over the word.…”

Section: Introductionmentioning

confidence: 99%

A Joint Evaluation of the Wind and Wave Energy Resources Close to the Greek Islands

et al. 2017

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Abstract:The objective of this work is to analyze the wind and wave energy potential in the proximity of the Greek islands. Thus, by evaluating the synergy between wind and waves, a more comprehensive picture of the renewable energy resources in the target area is provided. In this study, two different data sources are considered. The first data set is provided by the European Centre for Medium-Range Weather Forecasts (ECMWF) through the ERA-Interim project and covers an 11-year period, while the second data set is Archiving, Validation and Interpretation of Satellite Oceanographic data (AVISO) and covers six years of information. Using these data, parameters such as wind speed, significant wave height (SWH) and mean wave period (MWP) are analyzed. The following marine areas are targeted: Ionian Sea, Aegean Sea, Sea of Crete, Libyan Sea and Levantine Sea, near the coastal environment of the Greek islands. Initially, 26 reference points were considered. For a more detailed analysis, the number of reference points was narrowed down to 10 that were considered more relevant. Since in the island environments the resources are in general rather limited, the proposed work provides some outcomes concerning the wind and wave energy potential and the synergy between these two natural resources in the vicinity of the Greek islands. From the analysis performed, it can be noticed that the most energetic wind conditions are encountered west of Cios Island, followed by the regions east of Tinos and northeast of Crete. In these locations, the annual average values of the wind power density (Pwind) are in the range of 286-298.6 W/m 2 . Regarding the wave power density (Pwave), the most energetic locations can be found in the vicinity of Crete, north, south and southeast of the island. There, the wave energy potential is in the range of 2.88-2.99 kW/m.

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“…Reward: A Methodology to Assess Investment in Marine Energy [14]. The article proposed a methodology where the development risk was assessed alongside LCOE, to ensure that unfeasible development strategies could be identified at an early stage and discarded, no matter how attractive the LCOE of the project may have seemed from a purely financial point of view.…”

mentioning

confidence: 99%

A Helicopter View of the Special Issue on Wave Energy Converters

Vicinanza

Buccino

2017

Sustainability

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This paper intends to provide the reader with an overview of the Special Issue on Wave Energy Converters. Through 16 contributions from authors of 10 different countries, a number of key topics have been tackled, including resource assessment, engineering design, and financial analysis. As a whole, the Special Issue forms an interesting and helpful compendium on the state of the art of wave energy extraction and exploitation.Keywords: Wave Energy Converters; resource assessment; feasibility study; engineering design Wave Energy (WE) has the potential to be a valuable contributor to the renewable energy mix, as it is abundant, inexhaustible, and relatively well predictable compared to other sources. Accordingly, it has aroused considerable interest over the last twenty years and more than 1000 Wave Energy Converters (WECs) have been patented worldwide.Despite using a wide specter of variants, the working principles of WECs can be conveniently categorized into three groups, namely the Oscillating Water Column (OWC), Wave Activated Bodies (WAB), and OverTopping Devices (OTD). In the OWC technology, a cushion of air is trapped within a partly submerged chamber, where the water level rises and falls with the waves. The oscillating motion forces the air to pass through a turbine, which rotates in the same direction irrespective of the direction of flow. WABs exploit the relative motion of the different parts of the device; hydraulic systems are generally employed to compress oil, air, or water, which are then used to drive a generator. In the OTDs, a sloping plate leads the waves to overtop into a reservoir and the energy is extracted via a turbine that works with small head differences (below 3 m) and large flow volumes.In spite of the large body of work already carried out, WE is still far from being a real competitor of wind and photovoltaic energy, which are now commercially viable alternatives to fossil fuels. In view of this, the following research items deserve greater attention to speed up the development path:(a) Assessment of the available and exploitable resources; (b) New technical solutions to enhance the performance of the devices; (c) Development of engineering tools for reliable technical and economical design; (d) Analysis of the device impact on the marine environment; (e) Development of criteria for optimization of the projects and feasibility analysis; (f) Development of new technologies. This Special Issue includes 16 papers from authors of 10 different countries, which provide the reader with food for thought on each of these topics.

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Risk vs. Reward: A Methodology to Assess Investment in Marine Energy

Cited by 6 publications

References 12 publications

Review of Systems Engineering (SE) Methods and Their Application to Wave Energy Technology Development

Review of Systems Engineering (SE) Methods and Their Application to Wave Energy Technology Development

A Joint Evaluation of the Wind and Wave Energy Resources Close to the Greek Islands

A Helicopter View of the Special Issue on Wave Energy Converters

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