Abstract
The Marine Energy Challenge studied many different marine energy concepts, each at a different stage of development. The most important comparator is the cost of energy. The process of calculating the cost of energy is relatively straightforward. However, because each device and deployment location is different and each is at a different stage of development, obtaining meaningful estimates for each can be complicated.
This document explains a simple approach to estimating the cost of energy applicable to all marine energy devices. It shows how costs and performance can be calculated in a consistent way and compared between devices. It allows for more sophisticated methods to be used, if available, by highlighting both where known quantities are used and where only estimates are available
The Marine Energy Challenge showed that the cost of energy from most energy devices is currently too high, but that with further consistent development these costs can reduce. This method helps clarify both the costs and the stage of development to which the costs refer.