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- Journal Article:
Izquierdo-Perez et al.
Offshore floating hybrid wind and wave energy is a young technology yet to be scaled up. A way to reduce the total costs of the energy production process in order to ensure competitiveness in the sustainable energy market is to maximize the farm’s efficiency. To do so, an energy generation and costs calculation model was developed with the objective of minimizing the technology’s Levelized…
- Journal Article:
Castro-Santos and Filgueira-Vizoso
The aim of this work is to develop a software to calculate the economic parameters so as to determine the feasibility of a floating offshore renewable farm in a selected location. The software can calculate the economic parameters of several types of offshore renewable energies, as follows: one renewable energy (floating offshore wind—WindFloat, tension leg platform (TLP), and spar; floating…
- Report:
Smart and Noonan
GVA and Jobs Supported
- With UK deployment of 100MW per year from 2021/22, and a realistic share of a growing global market, the tidal stream industry could generate a net cumulative benefit to the UK by 2030 of £1,400m, consisting of £1,600m GVA from the domestic market and £1,100m GVA from exports, offset by £1,300m of revenue support. This would also support a total of almost 4,…
- Report:
Marine Energy Programme Board
Wave and tidal energy are the last two untapped global renewable resources, with an overall potential comparable to other major renewable resources. UK entrepreneurs, academic institutions and companies have invented, researched, developed and trialled the majority of leading technologies in this space. Many of these are now ready to make the move to commercial demonstration and deployment and…
- Report:
Regeneris Consulting Ltd and Cardiff Business School
Headline Summary of Findings
Purpose of the Report
i. Regeneris Consulting and the Welsh Economy Research Unit at Cardiff Business School were appointed by the Welsh Government to undertake an assessment of the potential economic contribution of marine energy to Wales. The report examines the economic benefits for Wales from future development of the sector using three…
- Journal Article:
Hansen
Some energy policies aim to increase the share of renewable energy in the most cost-effective way, but the challenge is how to assess the costs of integrating these technologies into an energy system. This article analyzes two cost estimation methods, the Levelized Cost of Energy (LCOE) and the Energy System Analysis (ESA) methods. These methods are compared for electricity, decentralized…
- Journal Article:
Triasdian et al.
Ocean wave energy (OWE) is one of many promising renewable energy sources with a high energy density. By using the average wave energy data of 21-year WAVEWATCH-III (WW3) model, some areas were discovered to have a great potential for the wave energy generation. This present study was evaluating the selected Wave Energy Converters (WEC) and determining their capability to do the energy capture…
- Thesis:
Jansson and Orgard
The future energy production must be renewable to reduce the carbon emissions and ocean energy technologies provide solutions. Ocean waves have great potential, 0.1% of the energy in ocean waves could to cover the global energy demand five times over. Most of the ocean energy technologies are considered to be in a precommercial phase and need technical development. In 2016 a Swedish company,…
- Conference Paper:
Sunter et al.
The technically recoverable global wave energy resource is estimated to be between 2 PWh/year and 5 5 PWh/year, approximately 12% and 32% of global electricity consumption Despite wave energy's vast global potential, there has been relatively little commercial deployment to date. There is large variation in both the current estimated and future expected electricity generation costs associated…
- Conference Paper:
Stefek et al.
Reducing power fluctuations is essential for controlling the integration impacts of wave energy converter (WEC) plants in both distribution and transmission grids, and in stand-alone isolated power systems. This paper presents an analysis on the cost of and how a battery storage system can be used to further reduce the variation of power generated from the WEC due to the fluctuating nature of…
- Conference Paper:
Castro-Santos et al.
The objective of this paper is to calculate the Levelized Cost of Energy (LCOE) and the Internal Rate of Return (IRR) of a floating wave energy farm using Geographic Information Systems (GIS). The methodology has been applied to the Galician coast, located in the North-West of Spain, where the waves potential is really high. In addition, a particular wave energy converter has been considered:…
- Conference Paper:
Giassi et al.
Wave energy has potential of contributing significantly to the world’s electricity production, but the cost of electricity is still too high to be competitive with other energy technologies. In this paper, an economical model for large-scale wave energy systems is developed and used to optimize parks of point-absorbing wave energy converters. The optimization is performed with a genetic…
- Report:
Marine Energy Wales
The global resource potential for marine renewable energy is vast, and as yet, largely untapped. Theoretical estimates indicate that harnessing the incredible power of the sea could provide a clean, low carbon, sustainable electricity source to meet the demands of the entire planet.
With some of the best marine resources in the world, Wales is playing a vital role in this emerging…
- Report:
Mason and Driver
The wave and tidal sector is moving from single device demonstration sites to multi-device arrays. One of the challenges the industry faces is the design of a cost effective and efficient electrical network to collect and transmit power from these devices to the shore. For some projects, such as MeyGen in the Pentland Firth, the solution is to connect each turbine to the shore individually.…
- Report:
Driver
The marine energy industry has reached the stage where a number of devices have completed pre-commercial, full-scale demonstration. Over the next few years, array-level projects will start to be constructed. One of the challenges facing the marine energy industry is the need to reduce the Levelised Cost of Energy (LCOE) of these projects. The lack of a standard marine electrical architecture…
- Report:
Mason
This document is the first of three reports that consider the future options for an industry preferred marine energy electrical architecture. The work was commissioned by the Offshore Renewable Energy (ORE) Catapult under the umbrella of the Marine Farm Accelerator and carried out by TNEI Services.
Over the next few years, marine energy converters will develop from single device…
- Report:
Livermore
As part of its aim of accelerating the commercial exploitation of marine energy, the Marine Farm Accelerator (MFA) seeks to understand the uncertainty in energy yield, and hence revenue, from wave and tidal energy projects. Its first step in this process has been to develop a taxonomy document, listing the categories of losses and uncertainties that should be considered in an Energy Production…
- Report:
Livermore
The Marine Farm Accelerator (MFA) has the aim of quantifying and reducing the uncertainties associated with energy yield predictions of marine energy projects. The process of determining uncertainty predictions on energy yield is reasonably well developed in the wind industry but is relatively immature in the wave and tidal energy sectors. As these industries develop, potential investors will…
- Report:
ORE Catapult
As the wave and tidal industries mature and commercial scale projects reach the point of financial investment decision (FID), it is important that energy yield and uncertainty assessments are presented clearly and consistently to all parties involved.
It is likely that for each wave or tidal energy project reaching FID, more than one energy yield and uncertainty assessment will be…
- Report:
ORE Catapult
This report is an analysis of the funding requirements and investment situation for the wave and tidal energy sector in the UK and suggests solutions that could facilitate the required investment to materially progress the sector. We have made some high level assumptions to estimate that, on its current trajectory, the tidal industry will need upwards of £100 million to get the first arrays to…
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