Abstract No.F171115-015
Author name(s): J¨Žannes Gullaksen
Company: JG Maritime Engineering Ltd., UK
The cost of energy, economic climate, social responsibility and emerging international regulatory requirements to reduce emissions are all drivers to increased awareness of environmental performance. Thus, the renewable energy is facing an opportunity in the form of environmental regulation combined with cost of energy and customers stating tougher environmental requirements. This paper presents a method for wave energy converter (WEC) system performance assessment related to wave resource estimate. The influence of wave resource on wave energy converter performance is formulated in a mathematical model that describes the performance characteristics of wave energy converters. WEC investment projects span long time periods, and it is therefore necessary to reduce the investment to an expression in money units of an appropriate period. The relationship between WEC project value and cost of energy based on the discounted present value model, are described and a relationship is established between WEC project investment and cost of energy.
KEY WORDS: renewable energy; environmental performance; energy converter; wave resource; cost of energy
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