Operational expenditure costs for wave energy projects and impacts on financial returns

This paper examines 'availability' and the input metrics of operational expenditure (OPEX) for wave energy projects and reports on a case study which assesses the impact of these inputs on project profit returns. Case study simulations modelled a 75 MW wave energy project at two locations; the west coast of Ireland and the north coast of Portugal. Access and availability with respect to weather windows at both locations are discussed and their impact on energy output and wave farm operations is quantified. The input metrics used to calculate OPEX of wave energy projects are defined as well as the impact of OPEX on project net present value (NPV) and internal rate of return (IRR). Results indicate that access and resultant availability factors have a significant impact on case study results by reducing energy output and correspondingly financial returns. Furthermore, the technology maturity level designated for a project also impacts on availability factors and consequently energy output and NPV. Case study profits proved to be very sensitive to annual OPEX, especially if overhaul and replacement costs were accounted for. As a result of the impact of 'availability' on project profit returns. Feed-in tariffs will need to be tailored to the location in question as well as the device technology maturity level, with case study simulations indicating that high FIT will be required to support early stage WEC projects. (C) 2012 Elsevier Ltd. All rights reserved.

Effects of tidal range on mooring systems of wave energy converters

Wave energy converters are currently proposed to be deployed near coastal area for the closeness to the infrastructure and for ease of maintenance in order to reduce operational costs. The motivation behind this work is the fact that the deployment depths during the highest and lowest tides will have a significant effect on the mooring system of WECs. In this paper, the issue will be investigated by numerical modelling (using ANSYS AQWA) for both catenary and taut moorings to examine the performance of the mooring system in varying tides. The case study being considered is the ¼- scale wave energy test site in Galway Bay off the west coast of Ireland where some marine renewable energy devices can be tested. In this test site, the tidal range is macro-tidal with a range of approximately 6 m which is a large value relative to the water depth. In the numerical analysis, ANSYS AQWA suite has been used to simulate moored devices under wave excitation at varying tidal ranges. Results show that the highest tide will give rise to larger forces. While at lower depths, slackening of the mooring occurs. Therefore, the mooring lines must be designed to accommodate both situations.