Abstract
Wave energy converters have yet to reach broad market viability. Traditionally, levelized cost of energy has been considered the ultimate stage gate through which wave energy developers must pass in order to find success (i.e., the levelized cost of wave energy must be less than that of solar and wind). However, real world energy decisions are not based solely on levelized cost of energy. In this study, we consider the energy mix in California in the year 2045, upon which the state plans to achieve zero carbon energy production. By considering temporal electricity production and consumption, we are able to perform a more informed analysis of the decision process to address this challenge. The results show that, due to high level of ocean wave energy in the winter months, wave energy provides a valuable complement to solar and wind, which have higher production in the summer.Thus, based on this complementary temporal aspect, wave energy appears cost-effective, even when the cost of installation and maintenance is twice that of solar and wind.
| Original language | English |
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| Title of host publication | Proceedings of the ASME 2022 41st International Conference on Ocean, Offshore and Arctic Engineering |
| Subtitle of host publication | OMAE2022 June 5-10, 2022, Hamburg, Germany |
| Publisher | The American Society of Mechanical Engineers (ASME) |
| Number of pages | 8 |
| Publication status | Published - 2022 |
| Event | ASME 2022 41st International Conference on Ocean, Offshore and Arctic Engineering, OMAE 2022 - Congress Center Hamburg, Hamburg, Germany Duration: 5 Jun 2022 → 10 Jun 2022 https://event.asme.org/OMAE-2022 |
Conference
| Conference | ASME 2022 41st International Conference on Ocean, Offshore and Arctic Engineering, OMAE 2022 |
|---|---|
| Abbreviated title | OMAE 2022 |
| Country/Territory | Germany |
| City | Hamburg |
| Period | 5/06/22 → 10/06/22 |
| Internet address |
