Techno-economic assessment of global and regional wave energy resource potentials and profiles in hourly resolution

Rasul Satymov, Dmitrii Bogdanov, Mojtaba Dadashi, George Lavidas and Christian Breyer

Applied Energy, 2024, vol. 364, issue C, No S0306261924005026

Abstract: Climate change is driving the adoption of sustainable energy, with low-cost solar photovoltaics and wind power at the forefront. However, land-constrained regions and islands have a limited onshore renewable energy potential. Wave power may prove useful for such regions, supported by growing literature in the field. This study delves into wave power's techno-economic potential, addressing a gap in previous assessments focused solely on theoretical or technical prospects. Utilising hourly wave data and a wave energy converter manufacturer's power matrix, global wave electricity yield is estimated. Considering projected costs, levelised cost of electricity is used to gauge economic viability. Although wave power is currently expensive, the results suggest that it could become cost-competitive with offshore wind power in the 2030s, with levelised cost of electricity below 70 €/MWh by 2035 in areas with good wave energy resources. Finally, the paper contributes openly accessible, hourly capacity factor data of global wave power generation, empowering further energy system modelling research. This study paves the way for informed decision-making on wave power's role in a diversified, sustainable energy future.

Keywords: Wave energy; Ocean energy; Wave electricity yield; CorPower; Land-constrained regions; Energy supply diversification (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0306261924005026
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:appene:v:364:y:2024:i:c:s0306261924005026

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/bibliographic
http://www.elsevier. ... 405891/bibliographic

DOI: 10.1016/j.apenergy.2024.123119

Access Statistics for this article

Applied Energy is currently edited by J. Yan

More articles in Applied Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().