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

Show simple item record

dc.contributor.author O'Connor, Michael
dc.contributor.author Lewis, Anthony
dc.contributor.author Dalton, Gordon
dc.date.accessioned 2016-08-23T13:34:27Z
dc.date.available 2016-08-23T13:34:27Z
dc.date.issued 2012-10-04
dc.identifier.citation O'Connor, M., Lewis, T. and Dalton, G (2013) 'Operational expenditure costs for wave energy projects and impacts on financial returns', Renewable Energy, 50, pp. 1119-1131. http://dx.doi.org/10.1016/j.renene.2012.08.059 en
dc.identifier.volume 50 en
dc.identifier.startpage 1119 en
dc.identifier.endpage 1131 en
dc.identifier.issn 0960-1481
dc.identifier.uri http://hdl.handle.net/10468/3018
dc.identifier.doi 10.1016/j.renene.2012.08.059
dc.description.abstract 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. en
dc.description.sponsorship Science Foundation Ireland (SFI Charles Parsons Award) en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Elsevier en
dc.rights © 2012 Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ en
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/4.0/ en
dc.subject Access en
dc.subject Availability en
dc.subject O/M en
dc.subject Feed-in tariff en
dc.subject Cost of electricity en
dc.title Operational expenditure costs for wave energy projects and impacts on financial returns en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother Gordon Dalton, School Of Engineering, University College Cork, Cork, Ireland. +353-21-490-3000 Email: g.dalton@ucc.ie en
dc.internal.availability Full text available en
dc.date.updated 2013-05-14T15:14:50Z
dc.description.version Accepted Version en
dc.internal.rssid 206308184
dc.internal.wokid 000311865900130
dc.contributor.funder Science Foundation Ireland en
dc.description.status Peer reviewed en
dc.identifier.journaltitle Renewable Energy en
dc.internal.copyrightchecked No. !!CORA!! en
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress g.dalton@ucc.ie en


Files in this item

This item appears in the following Collection(s)

Show simple item record

© 2012 Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ Except where otherwise noted, this item's license is described as © 2012 Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
This website uses cookies. By using this website, you consent to the use of cookies in accordance with the UCC Privacy and Cookies Statement. For more information about cookies and how you can disable them, visit our Privacy and Cookies statement