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  • Breaking-Down and Parameterising Wave Energy Converter Costs Using the CapEx and Similitude Methods

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    Author(s)
    Choupin, Ophelie
    Henriksen, Michael
    Etemad-Shahidi, Amir
    Tomlinson, Rodger
    Griffith University Author(s)
    Etemad Shahidi, Amir F.
    Tomlinson, Rodger B.
    Choupin, Ophelie
    Year published
    2021
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    Abstract
    Wave energy converters (WECs) can play a significant role in the transition towards a more renewable-based energy mix as stable and unlimited energy resources. Financial analysis of these projects requires WECs cost and WEC capital expenditure (CapEx) information. However, (i) cost information is often limited due to confidentiality and (ii) the wave energy field lacks flexible methods for cost breakdown and parameterisation, whereas they are needed for rapid and optimised WEC configuration and worldwide site pairing. This study takes advantage of the information provided by Wavepiston to compare different costing methods. ...
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    Wave energy converters (WECs) can play a significant role in the transition towards a more renewable-based energy mix as stable and unlimited energy resources. Financial analysis of these projects requires WECs cost and WEC capital expenditure (CapEx) information. However, (i) cost information is often limited due to confidentiality and (ii) the wave energy field lacks flexible methods for cost breakdown and parameterisation, whereas they are needed for rapid and optimised WEC configuration and worldwide site pairing. This study takes advantage of the information provided by Wavepiston to compare different costing methods. The work assesses the Froude-Law-similarities-based “Similitude method” for cost-scaling and introduces the more flexible and generic “CapEx method” divided into three steps: (1) distinguishing WEC’s elements from the wave energy farm (WEF)’s; (2) defining the parameters characterising the WECs, WEFs, and site locations; and (3) estimating elements that affect WEC and WEF elements’ cost and translate them into factors using the parameters defined in step (2). After validation from Wavepiston manual estimations, the CapEx method showed that the factors could represent up to 30% of the cost. The Similitude method provided slight cost-overestimations compared to the CapEx method for low WEC up-scaling, increasing exponentially with the scaling.
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    Journal Title
    Energies
    Volume
    14
    Issue
    4
    DOI
    https://doi.org/10.3390/en14040902
    Copyright Statement
    © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
    Subject
    Physical sciences
    Engineering
    Science & Technology
    Energy & Fuels
    wave energy converter (WEC)
    capital expenditure (CapEx)
    Publication URI
    http://hdl.handle.net/10072/403418
    Collection
    • Journal articles

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