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

Abstract

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.

Methodology to Calculate the ACE and HPQ Metrics Used in the Wave Energy Prize

“…Table 3 shows the list of MMC values used for each material in the prize. In practice, the value of MMC can be affected by material suppliers, complexity of manufacturing, number of subsystems to be assembled into the devices, as well as other intangible factors 7 . For these reasons, three values were used (low, med, high) and the Judging panel selected the appropriate MMC value for each WEC component.…”

“…As a result, a variety of reduced metrics serving as proxies to LCOE have been proposed to evaluate and compare different WEC technologies [5,6,7]. The ACE is a reduced metric, specifically designed for the Wave Energy Prize, to provide an equitable comparison of low-TRL WEC concepts.…”

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

“…LCOE considers the total life cycle costs divided by total energy generated throughout the lifespan of the system, to calculate a price per energy unit generated [10]: Life cycle cost and Annual Energy Production (AEP) therefore determines the LCOE [11]:…”

Advances and Challenges in Wave Energy Park Optimization—A Review

“…n is the years of the lifespan, and r is the discount rate. However, identifying economic parameters and values for a technology that has not yet reached full maturity is difficult, both because very little data is available and because it is expected that the costs and uncertainties will be reduced as the technology matures (Astariz and Iglesias, 2015;Farrell et al, 2015;Ocean Energy Systems, 2015;De Andres et al, 2016). As discussed by Piscopo et al (2018), the EU Strategic Energy Technology Plan expects the LCOE of wave energy to decrease to 0.15 EUR/kWh by 2030 and 0.10 EUR/kWh by 2035.…”