The interest in developing new technologies to produce energy with low environmental impact by using renewable sources has grown all over the world in recent years. The economics of wave energy converters (WECs) is of particular interest. The key factors affecting the cost of energy of marine renewable devices include performance, capital costs, operating & maintenance costs and risks due to the offshore environment. The energy converted into electricity by a WEC is a function of the wave climate at the installation location. Assessments of efficiency open up a large number of questions. These include the theoretical maximum energy that the converter could be expected to capture, the intermediate efficiencies of its prime mover and individual power take-off system components, and the certainty to which the resource's energy content itself can be described. Furthermore, overall efficiency may be influenced by certain control and operating regimes that relate to other aspects of the design, including survivability. This paper presents a mathematical method to describe the economics of a wave energy converter based on performance, capital costs, operating & maintenance costs and risks. In the economic performance estimation, the wave energy converter investment and associated investment analysis is based on variables that are allocated to drivers for cost and efficiency.
A Mathematical Method for Wave Energy Converter Economics and Cost Performance
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Gullaksen, Joannes. "A Mathematical Method for Wave Energy Converter Economics and Cost Performance." Paper presented at the SNAME Maritime Convention, Providence, Rhode Island, USA, October 2018.
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