Levelised Cost of Electricity for wave energy converters and the perception of milder resource non-viability in the North Sea

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Abstract

Wave energy is one of the most dense, predictable, and persistent energy sources, that has gone under-utilised, with many countries exposed to it. Depending on orientation with regards of coastal fronts to swells, resources can be characterised as high, moderate, and low. Wave energy can provide significant benefits as renewables acquire more share in the electricity production. So far focus for the development of wave energy is given to areas with resources over 25 kW/m, with moderate resources often not considered. Furthermore, waves have larger uncertainties associated with diverse portfolio of converters leading to higher Levelized Cost of Electricity (LCoE). This study explores whether mild resource can be cost-effectively exploited, by properly attributing a “production-to-resource” approach. The main question answered is whether mild resources are viable for wave energy. This premise is often dismissed, without much consideration or evidenced arguments. In terms of wave energy production potential, the wave density potential (kW/m) is not the determining factor. Results aim to realistically assess the potential and alter the perception of non-viability for wave energy converters. Our study examines the evolution of LCoE at various locations in the North Sea and also tries to assess different impacts of external factors at the financial viability of wave energy farms.
Original languageEnglish
Title of host publicationProceedings of the 11th European Wave and Tidal Energy Conference
Subtitle of host publication5-9th Sept 2021, Plymouth, UK
PublisherEWTEC
Number of pages7
Publication statusPublished - 2021
Event2021 European Wave and Tidal Energy Conference (EWTEC) - Plymouth, Plymouth, United Kingdom
Duration: 5 Sep 20219 Sep 2021

Publication series

Name
PublisherEWTEC
ISSN (Print)2706-6932
ISSN (Electronic)2706-6940

Conference

Conference2021 European Wave and Tidal Energy Conference (EWTEC)
Abbreviated titleEWTEC 2021
CountryUnited Kingdom
CityPlymouth
Period5/09/219/09/21

Keywords

  • LCoE
  • North Sea
  • Energy economics

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