| dc.description.abstract | Wave Energy Converters (WECs), can play a significant role in shifting energy supply from fossil-based to renewable. There is however no dominant design for an optimal WEC, likely because different WECs favour different sea states. In addition, the fact that the sector is on the verge to obtaining commercial viability, causes the WEC market to be competitive and developers to be hesitant in sharing (economical) details, leading to large uncertainties in scientific techno-economic analyses and feasibility studies. Also, feasibility can differ per location and WEC used. Wave energy is said to be less variable compared to other renewable sources like wind and solar PV. This research adds to the existing literature on the feasibility of WECs by presenting the techno-economic metrics of seven WECs in two locations, being Lysekil (Sweden) and WaveHub (the UK). In addition, the variability is compared to wind generation and solar PV. Also, the effect of integrating wave energy on system adequacy is computed by using a combination of the Z-method and the Value Adjusted Levelized Cost of Electricity (VALCOE). The resulting PBP and LCOE are higher in Lysekil compared to WaveHub. The LCOE of the WaveHub site is in range with other values found in the literature, and remains slightly above the LCOE of other renewable technologies. The variability of power output from wave energy is found to be lower than onshore and offshore wind, and solar PV, at both locations. The Z-method and VALCOE pointed out that the energy systems in both countries can safely integrate large scale WEC parks without losing system adequacy. Future research can apply the methods used on other renewable energy technologies, and test a method to value energy flexibility in the same way as capacity is treated in this research. | |
