Abstract
Aalborg University together with Energinet.dk, the Danish Transmission System Operator, have released a freely available online spreadsheet to evaluate the Levelised Cost of Energy (LCOE) for wave energy projects. The open-access tool calculates the LCOE based on the power production of a Wave Energy Converter (WEC) at a particular location. Production data may derive from laboratory testing, numerical modelling or from sea trials.
The tool has been developed as a transparent and simple model that evaluates WEC’s economic feasibility in a range of locations, while scaling WEC’s features to the selected site. The available locations are (i.e. three locations in West Denmark, two locations in the Danish North Sea, two locations off Portugal, off Ireland and off France, and at EMEC), Moreover, the tool provides good agreement between WECs’ scales and locations, and the twelve selected sites represent different wave conditions.
The paper describes the parameters behind the calculations, provides COE numbers of WECs and other technologies, presents the COE calculation tool and its features, and introduces an ongoing project which continues the development of the tool.
Significantly this is conceived as an open-access tool, available to device developers as well as academia. It can eventually help in the development of wave energy by contributing to open talks with investors, stakeholders, politicians and the general public.
The tool has been developed as a transparent and simple model that evaluates WEC’s economic feasibility in a range of locations, while scaling WEC’s features to the selected site. The available locations are (i.e. three locations in West Denmark, two locations in the Danish North Sea, two locations off Portugal, off Ireland and off France, and at EMEC), Moreover, the tool provides good agreement between WECs’ scales and locations, and the twelve selected sites represent different wave conditions.
The paper describes the parameters behind the calculations, provides COE numbers of WECs and other technologies, presents the COE calculation tool and its features, and introduces an ongoing project which continues the development of the tool.
Significantly this is conceived as an open-access tool, available to device developers as well as academia. It can eventually help in the development of wave energy by contributing to open talks with investors, stakeholders, politicians and the general public.
| Original language | English |
|---|---|
| Title of host publication | 10th ewtec 2013 European Wave and Tidal Energy Conference Series : Proceedings of the 10th European Wave and Tidal Energy Conference |
| Editors | Peter Frigaard, Jens Peter Kofoed, AbuBakr S. Bahaj, Lars Bergdahl, Alain Clément, Daniel Conley, Antonio F. O. Falcão, Cameron MacLeod Johnstone, Lucia Margheritini, Ian Masters, António José Sarmento, Diego Vicinanza |
| Number of pages | 5 |
| Place of Publication | Aalborg |
| Publisher | Technical Committee of the European Wave and Tidal Energy Conference |
| Publication date | 2013 |
| Publication status | Published - 2013 |
| Event | European Wave and Tidal Energy Conference - Aalborg, Denmark Duration: 2 Sept 2013 → 5 Sept 2013 Conference number: 10 |
Conference
| Conference | European Wave and Tidal Energy Conference |
|---|---|
| Number | 10 |
| Country/Territory | Denmark |
| City | Aalborg |
| Period | 02/09/2013 → 05/09/2013 |
| Series | European Wave and Tidal Energy Conference Series |
|---|---|
| Number | 10 |
Bibliographical note
The proceedings is published on a usb.Keywords
- LCOE
- Cost of energy
- Economic feasibility
- Wave energy
- WECs
- Wave energy converters
- CapEx
- OpEx