Abstract
The primary objective of this study is to perform a techno-economic analysis on two oscillating surge wave energy converter (OSWEC) devices and to evaluate the levelized cost of energy (LCOE) for each device. LCOE measures the lifetime costs of a device divided by energy production and is a metric used to compare wave energy converter (WEC) technologies to other energy generation technologies. Two OSWEC geometries were designed in Solidworks to obtain mass properties and perform stress analysis. Deep-water wave resource data from Jennette's Pier Wave Energy Testing Center was characterized in a joint probability distribution (JPD). Pressure distribution data across each OSWEC was found using WaveAnalysisMIT (WAMIT), a program for computing wave loads and motions of offshore structures in waves. WEC-SIM, a time-domain, numerical MATLAB-based model simulated the hydrodynamics of each OSWEC to estimate their power performances under regular operating wave conditions yielding mechanical power matrices. Efficiency calculations were made to convert the mechanical power matrices to electrical power matrices. The electrical power matrix for each OSWEC and the JPD for the wave statistics were used to find the annual energy production (AEP) for both devices. Capital and operational expenditures (CAPEX and OPEX) over the lifetime of each device were calculated and used with the AEP to find the LCOE. The baseline LCOEs for both OSWEC flaps were calculated over a lifetime of 20 years. The calculated LCOEs for the first device were $3.55/kWh, $6.10/kWh, and $9.64/kWh for discount rates of 3, 7, and 10% respectively. The calculated LCOEs for the second device were $8.53/kWh, $14.67/kWh, and $23.16/kWh for discount rates of 3, 7, and 10% respectively.