A Review of the Levelized Cost of Wave Energy Based on a Techno-Economic Model

Wave energy provides a renewable and clear power for the future mix fights against climate change. Currently, there are many different wave converters, but their costs of extracting still much higher than other matured renewables. One best indicators calculating generating cost is ‘levelized energy’ (LCOE), which combined capital expenditure (CAPEX), operational (OPEX), decommissioning with inclusion annual production, discount factor, project’s lifespan. However, results LCOE in disagreement. Hence, it important to explore breakdown by converter (WEC), so finding potential ways decrease cost, finally compare energies. Different WECs have been installed same place; Dragon platform one, an conversion EUR 316.90/MWh, followed Pelamis 735.94/MWh AquaBuOY 2967.85/MWh. Even when using locations test, rank would remain unchanged value. As CAPEX OPEX dramatically drop, availability capacity factors slowly increase, decreases from maximum USD 470/MWh minimum 120/MWh. When rate down 11% 6%, reduces 160/MWh 102/MWh. Under ideal condition optimal combination multiple factors, theory, can be less 0.3/KWh. To better WECs, detailed elements found examined scenarios undiscounted, half-discounted, discounted models. AEP discounted, lowest equal 1.171/kWh scene 2 five-step investment, below value 1.211/kWh 1 two-step investment. Meanwhile, highest amounts 2.416/kWh whose one-step investment 3, 0.296/kWh, accounts 25% 0.616/kWh, 24% The case study show that program half-discounted model superior multi-step model. This paper examines viability technologies, critical factor energy; furthermore, form project also LCOE.