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Sustainability 2016, 8(11), 1109; doi:10.3390/su8111109

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

1
Institute for Energy Systems, University of Edinburgh, West Mains Road, Edinburgh EH9 3JN, UK
2
CorPower Ocean, Brinellvägen 23, 114 28 Stockholm, Sweden
*
Author to whom correspondence should be addressed.
Academic Editor: Diego Vicinanza
Received: 12 September 2016 / Revised: 21 October 2016 / Accepted: 22 October 2016 / Published: 29 October 2016
(This article belongs to the Special Issue Wave Energy Converters)
View Full-Text   |   Download PDF [2723 KB, uploaded 29 October 2016]   |  

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. View Full-Text
Keywords: wave energy; techno-economic assessment; LCOE; sizing; optimal rating; metrics wave energy; techno-economic assessment; LCOE; sizing; optimal rating; metrics
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

de Andres, A.; Maillet, J.; Hals Todalshaug, J.; Möller, P.; Bould, D.; Jeffrey, H. Techno-Economic Related Metrics for a Wave Energy Converters Feasibility Assessment. Sustainability 2016, 8, 1109.

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