A high level economic model has been developed to map wave energy performance and levelised cost of energy (LCOE). It takes time-series, gridded hindcast wave data, for example generated by SWAN (Simulating WAves Nearshore) software. Interpolating this data against a device power matrix, the wave conditions are converted to power, and then to LCOE using a discounting method and considering capital and operational costs. The results are presented as maps, which serve as high level site assessment tools and allow the most cost-competitive sites to be established. Initial results have been generated for Albatern Ltd, a Scottish wave energy developer and industrial partner of the research project. Their technology is the WaveNET, a small-scale array based device which is constructed from 7.5 kW rated modular units (known as “Squids”). LCOE Maps have been created for a domain covering the Scottish Western Isles, as well as for NOAA hindcast datasets for regions around the world. This paper includes a sample case study, comparing the LCOE for a device concept at two different scales. The results found that, while the larger device performs better over the majority of the area, there are places where the smaller device has a better LCOE, sometimes by as much as 20-30 p/kWh. These are in the more sheltered regions, and imply both that there is not a one fit all solution to wave energy, and that device scale is a parameter which could be tuned for location.
|Title of host publication||Progress in Renewable Energies Offshore|
|Subtitle of host publication||Proceedings of the 2nd International Conference on Renewable Energies Offshore (RENEW2016), Lisbon, Portugal, 24-26 October 2016|
|Editors||C. Guedes Soares|
|Place of Publication||London|
|Number of pages||8|
|Publication status||Published - 24 Oct 2016|
|Event||Renewable Energies Offshore - Technico Lisboa, Lisbon, Portugal|
Duration: 24 Oct 2016 → 26 Oct 2016
|Conference||Renewable Energies Offshore|
|Abbreviated title||RENEW 2016|
|Period||24/10/16 → 26/10/16|
- renewable energy and sustainability
- economic modelling
- wave energy
Frost, C., Findlay, D., Johanning, L., Macpherson, E., & Sayer, P. (2016). Mapped economic modelling of wave energy. In C. G. Soares (Ed.), Progress in Renewable Energies Offshore: Proceedings of the 2nd International Conference on Renewable Energies Offshore (RENEW2016), Lisbon, Portugal, 24-26 October 2016 (pp. 859-866). London.