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Economic comparison of technological alternatives to harness offshore wind and wave energies

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  • Castro-Santos, Laura
  • Martins, Elson
  • Guedes Soares, C.

Abstract

The present paper compares in economic terms, four technological alternatives to use offshore renewable energies: floating offshore wind energy technology, floating offshore wave energy systems, floating offshore co-located systems and floating offshore hybrid systems. These alternatives are compared considering different locations and sizes of the farms. Studies such as this can be useful for planning strategies and decision-making, particularly to investors that have to decide if and how to develop and deploy particular technologies in deep waters. The results indicate that the best alternative considering the life-cycle cost and LCOE is the floating offshore wind energy technology. Floating offshore co-located systems have the second best result, being a better alternative than floating offshore wave energy devices or floating offshore hybrid systems.

Suggested Citation

  • Castro-Santos, Laura & Martins, Elson & Guedes Soares, C., 2017. "Economic comparison of technological alternatives to harness offshore wind and wave energies," Energy, Elsevier, vol. 140(P1), pages 1121-1130.
    • Handle: RePEc:eee:energy:v:140:y:2017:i:p1:p:1121-1130
    DOI: 10.1016/j.energy.2017.08.103
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    Cited by:

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    4. Américo S. Ribeiro & Maite deCastro & Liliana Rusu & Mariana Bernardino & João M. Dias & Moncho Gomez-Gesteira, 2020. "Evaluating the Future Efficiency of Wave Energy Converters along the NW Coast of the Iberian Peninsula," Energies, MDPI, vol. 13(14), pages 1-15, July.
    5. Wan, Ling & Moan, Torgeir & Gao, Zhen & Shi, Wei, 2024. "A review on the technical development of combined wind and wave energy conversion systems," Energy, Elsevier, vol. 294(C).
    6. Gao, Qiang & Khan, Salman Saeed & Sergiienko, Nataliia & Ertugrul, Nesimi & Hemer, Mark & Negnevitsky, Michael & Ding, Boyin, 2022. "Assessment of wind and wave power characteristic and potential for hybrid exploration in Australia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 168(C).
    7. Gubesch, Eric & Sergiienko, Nataliia Y. & Nader, Jean-Roch & Ding, Boyin & Cazzolato, Benjamin & Penesis, Irene & Li, Ye, 2023. "Experimental investigation of a co-located wind and wave energy system in regular waves," Renewable Energy, Elsevier, vol. 219(P2).
    8. Laura Castro-Santos & Maite deCastro & Xurxo Costoya & Almudena Filgueira-Vizoso & Isabel Lamas-Galdo & Americo Ribeiro & João M. Dias & Moncho Gómez-Gesteira, 2021. "Economic Feasibility of Floating Offshore Wind Farms Considering Near Future Wind Resources: Case Study of Iberian Coast and Bay of Biscay," IJERPH, MDPI, vol. 18(5), pages 1-16, March.
    9. Laura Castro-Santos & Almudena Filgueira-Vizoso, 2019. "A Software for Calculating the Economic Aspects of Floating Offshore Renewable Energies," IJERPH, MDPI, vol. 17(1), pages 1-19, December.
    10. Ermando Petracca & Emilio Faraggiana & Alberto Ghigo & Massimo Sirigu & Giovanni Bracco & Giuliana Mattiazzo, 2022. "Design and Techno-Economic Analysis of a Novel Hybrid Offshore Wind and Wave Energy System," Energies, MDPI, vol. 15(8), pages 1-28, April.
    11. Clemente, D. & Rosa-Santos, P. & Taveira-Pinto, F., 2021. "On the potential synergies and applications of wave energy converters: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 135(C).
    12. Eva Segura & Rafael Morales & José A. Somolinos, 2019. "Increasing the Competitiveness of Tidal Systems by Means of the Improvement of Installation and Maintenance Maneuvers in First Generation Tidal Energy Converters—An Economic Argumentation," Energies, MDPI, vol. 12(13), pages 1-27, June.
    13. Kamarlouei, M. & Gaspar, J.F. & Calvario, M. & Hallak, T.S. & Mendes, M.J.G.C. & Thiebaut, F. & Guedes Soares, C., 2022. "Experimental study of wave energy converter arrays adapted to a semi-submersible wind platform," Renewable Energy, Elsevier, vol. 188(C), pages 145-163.
    14. Gao, Qiang & Bechlenberg, Alva & Jayawardhana, Bayu & Ertugrul, Nesimi & Vakis, Antonis I. & Ding, Boyin, 2024. "Techno-economic assessment of offshore wind and hybrid wind–wave farms with energy storage systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 192(C).
    15. Centeno-Telleria, Manu & Aizpurua, Jose Ignacio & Penalba, Markel, 2023. "Computationally efficient analytical O&M model for strategic decision-making in offshore renewable energy systems," Energy, Elsevier, vol. 285(C).
    16. de Oliveira, Lucas & Santos, Ivan Felipe Silva dos & Schmidt, Nágila Lucietti & Tiago Filho, Geraldo Lúcio & Camacho, Ramiro Gustavo Ramirez & Barros, Regina Mambeli, 2021. "Economic feasibility study of ocean wave electricity generation in Brazil," Renewable Energy, Elsevier, vol. 178(C), pages 1279-1290.
    17. Laura Castro-Santos & Ana Rute Bento & Carlos Guedes Soares, 2020. "The Economic Feasibility of Floating Offshore Wave Energy Farms in the North of Spain," Energies, MDPI, vol. 13(4), pages 1-19, February.
    18. Dalton, Gordon & Bardócz, Tamás & Blanch, Mike & Campbell, David & Johnson, Kate & Lawrence, Gareth & Lilas, Theodore & Friis-Madsen, Erik & Neumann, Frank & Nikitas, Nikitakos & Ortega, Saul Torres &, 2019. "Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 107(C), pages 338-359.
    19. Sofia Spyridonidou & Dimitra G. Vagiona & Eva Loukogeorgaki, 2020. "Strategic Planning of Offshore Wind Farms in Greece," Sustainability, MDPI, vol. 12(3), pages 1-20, January.

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