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            "abstractNote": "This paper is a case study which examines the finances of a proposed installation schedule of 500 MW of a wave energy device type in Ireland. The novel aspects of the analysis were the modelling of the combined influence of learning curves, supply and demand rates as well as future cost of cash on the phased deployment over the 10 years. There are many studies which have examined the economics of renewable energy project installations, including wave energy. However, there is lack of research in the impact and implications of phased installations over time, especially when using a feed-in tariff (FIT) revenue mechanism. The goal of the study was twofold. The first goal was to assess the viability of the current Irish feed-in tariff within the context of a phased installation program for the wave energy device chosen for the study, and measures required to produce a positive rate of return. The second aim was to assess the impact of learning curve, supply/demand curves and future cost of cash on phased project installations. The wave energy device chosen for the study was the Pelamis P1 and the economic model used was NAVITAS, created by HMRC. The assessment was based on net present value and internal rate of return. The wave energy data for the study was 2007 from M4 of the west coast of Ireland, obtained from Marine Institute, Ireland. Results from the case study indicated that the high initial costs for the case study wave energy device had a significant impact on financial returns. Results of the case study indicate that higher tariffs may be required than the current Irish, static, nonindex linked, FIT to foster positive returns for future wave energy projects, especially if phased installations are considered, which are susceptible to future cash and supply/demand factors. The large range of sensitivity factors assessed in the case study demonstrates the vulnerable nature of these large scale projects when estimating financial returns. Further studies will be required to assess multiple device types, update initial costs for wave energy devices, provide reliable power matrices, as well as appropriate learning curve and supply demand rates.",
            "publicationTitle": "Renewable Energy",
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            "title": "Techno-economic performance of the Pelamis P1 and Wavestar at different ratings and various locations in Europe",
            "creators": [
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                    "lastName": "O'Connor"
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            "abstractNote": "This paper presents the results of a case study comparing the performance of two wave energy devices at various scaled power ratings deployed at several European wave energy locations. The study facilitates a novel comparison to be made of different technology types, different wave energy locations and assessed the impacts of using scaled version of the devices on performance. The Pelamis P1 and Wavestar devices were modelled at a sample spread of wave climates locations across Europe. The performance of the devices at various scales and locations was shown both from an energy and economic perspective. Case study results indicate that the Pelamis P1 devices produced the highest energy and economic returns at high resource locations, but produced poor results at poor resource locations. The Wavestar had less variation over the six case study locations and produced higher energy outputs at sites with a lower resource. For the case study devices selected, Ireland produced the highest energy and economic returns and Greece the lowest. Results for other countries were more device specific. Even though smaller rated devices produced higher energy outputs, large scale devices produced better economic returns, suggesting that economies of scale are relevant to wave energy.",
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            "title": "Operational expenditure costs for wave energy projects and impacts on financial returns",
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                    "firstName": "M.",
                    "lastName": "O'Connor"
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            "abstractNote": "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.",
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            "itemType": "journalArticle",
            "title": "Case study feasibility analysis of the Pelamis wave energy convertor in Ireland, Portugal and North America",
            "creators": [
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                    "creatorType": "author",
                    "firstName": "G.J.",
                    "lastName": "Dalton"
                },
                {
                    "creatorType": "author",
                    "firstName": "R.",
                    "lastName": "Alcorn"
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                {
                    "creatorType": "author",
                    "firstName": "T.",
                    "lastName": "Lewis"
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            ],
            "abstractNote": "The performance and economic viability of the Pelamis wave energy converter (WEC) has been investigated over a 20 year project time period using 2007 wave energy data from various global locations: Ireland, Portugal, USA and Canada. Previous reports assessing the Pelamis quote a disparate range of financial returns for the Pelamis, necessitating a comparative standardised assessment of wave energy economic indicators. An Excel model (NAVITAS) was created for this purpose which estimated the annual energy output of Pelamis for each location using wave height (Hs) and period (Tz) data, and produced financial results dependant on various input parameters. The economic indicators used for the analysis were cost of electricity (COE), net present value (NPV) and internal rate of return (IRR), modelled at a tariff rate of €0.20/kWh). Analysis of the wave energy data showed that the highest annual energy output (AEO) and capacity for the Pelamis was the Irish site, as expected. Portugal returned lower AOE similar to the lesser North American sites. Monthly energy output was highest in the winter, and was particularly evident in the Irish location. Moreover, the difference between the winter wave energy input and the Pelamis energy output for Ireland was also significant as indicated by the capture width, suggesting that Pelamis design was not efficiently capturing all the wave energy states present during that period. Modelling of COE for the various case study locations showed large variation in returns, depending on the number of WEC modelled and the initial cost input and learning curve. COE was highest when modelling single WEC in comparison to multiples, as well as when using 2004 initial costs in comparison to 2008 costs (at which time price of materials peaked). Ireland returned the lowest COE of €0.05/kWh modelling over 100 WEC at 2004 cost of materials, and €0.15/kWh at 2008 prices. Although favourable COE were recorded from some of the modelled scenarios, results indicated that NPV and IRR were not encouraging when using a €0.20/kWh tariff. It is recommended that a tariff rate of €0.30/kWh be considered for Ireland, and higher rates for other locations. In conclusion, Ireland had the most abundant wave energy output from the Pelamis. COE returns for Ireland were competitive for large number of WEC, even at peak costs, but it is recommended that careful analysis of NPV and IRR should be carried out for full economic assessment. Finally, a standardised method of COE reporting is recommended, using fixed WEC number or MW size, as well as standardised learning/production curves and initial costs, to facilitate confidence in investment decisions based on COE.",
            "publicationTitle": "Renewable Energy",
            "publisher": "",
            "place": "",
            "date": "February 2010",
            "volume": "35",
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            "pages": "443-455",
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            "journalAbbreviation": "Renewable Energy",
            "DOI": "10.1016/j.renene.2009.07.003",
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            "url": "http://www.sciencedirect.com/science/article/pii/S0960148109002948",
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            "tags": [
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                    "tag": "Annual energy output",
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                    "tag": "Feed-in tariff",
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            "itemType": "journalArticle",
            "title": "A methodology for production and cost assessment of a farm of wave energy converters",
            "creators": [
                {
                    "creatorType": "author",
                    "firstName": "Charlotte",
                    "lastName": "Beels"
                },
                {
                    "creatorType": "author",
                    "firstName": "Peter",
                    "lastName": "Troch"
                },
                {
                    "creatorType": "author",
                    "firstName": "Jens Peter",
                    "lastName": "Kofoed"
                },
                {
                    "creatorType": "author",
                    "firstName": "Peter",
                    "lastName": "Frigaard"
                },
                {
                    "creatorType": "author",
                    "firstName": "Jon",
                    "lastName": "Vindahl Kringelum"
                },
                {
                    "creatorType": "author",
                    "firstName": "Peter",
                    "lastName": "Carsten Kromann"
                },
                {
                    "creatorType": "author",
                    "firstName": "Martin",
                    "lastName": "Heyman Donovan"
                },
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                    "creatorType": "author",
                    "firstName": "Julien",
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                    "firstName": "Griet",
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            ],
            "abstractNote": "To generate a substantial amount of power, Wave Energy Converters (WECs) are arranged in several rows or in a ‘farm’. Both the power production and cost of a farm are lay-out dependent. In this paper, the wave power redistribution in and around three farm lay-outs in a near shore North Sea wave climate, is assessed numerically using a time-dependent mild-slope equation model. The modelling of the wave power redistribution is an efficient tool to assess the power production of a farm. Further, for each lay-out an optimal (low cost) submarine cable network is designed. The methodology to assess the power production and cost of a farm of WECs is applied to the Wave Dragon Wave Energy Converter (WD–WEC). The WD–WEC is a floating offshore converter of the overtopping type, which captures the water volume of overtopped waves in a basin above mean sea level and produces power when the water drains back to the sea through hydro turbines. It is observed that the cable cost is relatively small compared to the cost of the WD–WECs. As a result, WD–WECs should be installed in a lay-out to increase power production rather than decrease cable cost, taking spatial and safety considerations into account. WD–WECs arranged in a single line produce the highest amount of power, but require an available sea area with a large width (51 km). Installing a single line of WD–WECs in front of a farm of wind turbines increases the time window for accessing the wind farm (applied to Horns Rev II – significant wave height smaller than 1–2 m during 8 h at minimum) by 9–14%.",
            "publicationTitle": "Renewable Energy",
            "publisher": "",
            "place": "",
            "date": "December 2011",
            "volume": "36",
            "issue": "12",
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