TY - JOUR
T1 - Techno-economic assessment of global and regional wave energy resource potentials and profiles in hourly resolution
AU - Satymov, Rasul
AU - Bogdanov, Dmitrii
AU - Dadashi, Mojtaba
AU - Lavidas, George
AU - Breyer, Christian
PY - 2024
Y1 - 2024
N2 - Climate change is driving the adoption of sustainable energy, with low-cost solar photovoltaics and wind power at the forefront. However, land-constrained regions and islands have a limited onshore renewable energy potential. Wave power may prove useful for such regions, supported by growing literature in the field. This study delves into wave power's techno-economic potential, addressing a gap in previous assessments focused solely on theoretical or technical prospects. Utilising hourly wave data and a wave energy converter manufacturer's power matrix, global wave electricity yield is estimated. Considering projected costs, levelised cost of electricity is used to gauge economic viability. Although wave power is currently expensive, the results suggest that it could become cost-competitive with offshore wind power in the 2030s, with levelised cost of electricity below 70 €/MWh by 2035 in areas with good wave energy resources. Finally, the paper contributes openly accessible, hourly capacity factor data of global wave power generation, empowering further energy system modelling research. This study paves the way for informed decision-making on wave power's role in a diversified, sustainable energy future.
AB - Climate change is driving the adoption of sustainable energy, with low-cost solar photovoltaics and wind power at the forefront. However, land-constrained regions and islands have a limited onshore renewable energy potential. Wave power may prove useful for such regions, supported by growing literature in the field. This study delves into wave power's techno-economic potential, addressing a gap in previous assessments focused solely on theoretical or technical prospects. Utilising hourly wave data and a wave energy converter manufacturer's power matrix, global wave electricity yield is estimated. Considering projected costs, levelised cost of electricity is used to gauge economic viability. Although wave power is currently expensive, the results suggest that it could become cost-competitive with offshore wind power in the 2030s, with levelised cost of electricity below 70 €/MWh by 2035 in areas with good wave energy resources. Finally, the paper contributes openly accessible, hourly capacity factor data of global wave power generation, empowering further energy system modelling research. This study paves the way for informed decision-making on wave power's role in a diversified, sustainable energy future.
KW - CorPower
KW - Energy supply diversification
KW - Land-constrained regions
KW - Ocean energy
KW - Wave electricity yield
KW - Wave energy
UR - http://www.scopus.com/inward/record.url?scp=85189694945&partnerID=8YFLogxK
U2 - 10.1016/j.apenergy.2024.123119
DO - 10.1016/j.apenergy.2024.123119
M3 - Article
AN - SCOPUS:85189694945
SN - 0306-2619
VL - 364
JO - Applied Energy
JF - Applied Energy
M1 - 123119
ER -