The Economic Feasibility of Floating Offshore Wave Energy Farms in the North of Spain

Laura Castro-Santos, Ana Rute Bento and Carlos Guedes Soares
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Laura Castro-Santos: Departamento de Enxeñaría Naval e Oceánica, Escola Politécnica Superior, Universidade da Coruña, Esteiro, 15471 Ferrol, Spain
Ana Rute Bento: Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisboa, Portugal
Carlos Guedes Soares: Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisboa, Portugal

Energies, 2020, vol. 13, issue 4, 1-19

Abstract: A technique to analyse the economic viability of offshore farms composed of wave energy converters is proposed. Firstly, the inputs, whose value will be considered afterwards in the economic step, was calculated using geographic information software. Secondly, the energy produced by each wave converter was calculated. Then the economic factors were computed. Finally, the restriction that considers the depth of the region (bathymetry) was put together with the economic outputs, whose value depends on the floating Wave Energy Converter (WEC). The method proposed was applied to the Cantabric and Atlantic coasts in the north of Spain, a region with a good offshore wave energy resource. In addition, three representative WECs were studied: Pelamis, AquaBuoy and Wave Dragon; and five options for electric tariffs were analysed. Results show the Wave Energy Converter that has the best results regarding its LCOE (Levelized Cost of Energy), IRR (Internal Rate of Return) and NPV (Net Present Value), and which area is best for the development of a wave farm.

Keywords: feasibility; wave energy; WEC; floating; IRR; LCOE; marine energy; NPV (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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