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Economic modelling of the potential of wave energy

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  • Hayward, Jennifer
  • Behrens, Sam
  • McGarry, Scott
  • Osman, Peter

Abstract

Wave energy is increasingly being seen as an alternative source of low-emissions power particularly for Australia, as Australia has abundant wave resources. This paper, using the performance characteristics of wave energy converters (WEC), resource measurements along Australia's southern coastline and global resource estimates, models projections of the future uptake of wave energy globally and in Australia. Globally, wave farms are projected to be installed up to a presumed maximum limit of 500 GW. In Australia there is more variability in the amount of wave farms installed, with differences across the different WEC. The outcome globally and in Australia depends on variations in the average power generated by the WEC and the carbon price path. In Australia, the majority of projected WEC installations are in the state of Victoria, which has relatively high demand and currently highly-emissions intensive sources of generation compared to states with better wave resources. When a dispatchable, or continuous power ability is added to wave energy's output the uptake of wave energy increases in Australia, in those states with the best resources. When the amount of wave energy extractable in any region is increased or decreased it has a large effect on output in Victoria in particular, which generates power from wave energy up to 30% of the total extractable resource under the dispatchable power scenario. Wave energy has the potential to make a significant contribution to electricity generation globally and in Australia. This paper is part two of a series of papers, the first being [1].

Suggested Citation

  • Hayward, Jennifer & Behrens, Sam & McGarry, Scott & Osman, Peter, 2012. "Economic modelling of the potential of wave energy," Renewable Energy, Elsevier, vol. 48(C), pages 238-250.
    • Handle: RePEc:eee:renene:v:48:y:2012:i:c:p:238-250
    DOI: 10.1016/j.renene.2012.05.007
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    References listed on IDEAS

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    1. Behrens, Sam & Hayward, Jennifer & Hemer, Mark & Osman, Peter, 2012. "Assessing the wave energy converter potential for Australian coastal regions," Renewable Energy, Elsevier, vol. 43(C), pages 210-217.
    2. Dunnett, David & Wallace, James S., 2009. "Electricity generation from wave power in Canada," Renewable Energy, Elsevier, vol. 34(1), pages 179-195.
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    Cited by:

    1. Alonso, Rodrigo & Solari, Sebastián & Teixeira, Luis, 2015. "Wave energy resource assessment in Uruguay," Energy, Elsevier, vol. 93(P1), pages 683-696.
    2. Anna Stegman & Adrian De Andres & Henry Jeffrey & Lars Johanning & Stuart Bradley, 2017. "Exploring Marine Energy Potential in the UK Using a Whole Systems Modelling Approach," Energies, MDPI, vol. 10(9), pages 1-20, August.
    3. Mustapa, M.A. & Yaakob, O.B. & Ahmed, Yasser M. & Rheem, Chang-Kyu & Koh, K.K. & Adnan, Faizul Amri, 2017. "Wave energy device and breakwater integration: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 43-58.
    4. Behrens, Sam & Hayward, Jennifer A. & Woodman, Stuart C. & Hemer, Mark A. & Ayre, Melanie, 2015. "Wave energy for Australia's National Electricity Market," Renewable Energy, Elsevier, vol. 81(C), pages 685-693.
    5. Fadaeenejad, M. & Shamsipour, R. & Rokni, S.D. & Gomes, C., 2014. "New approaches in harnessing wave energy: With special attention to small islands," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 345-354.
    6. Wright, Glen & O’Hagan, Anne Marie & de Groot, Jiska & Leroy, Yannick & Soininen, Niko & Salcido, Rachael & Castelos, Montserrat Abad & Jude, Simon & Rochette, Julien & Kerr, Sandy, 2016. "Establishing a legal research agenda for ocean energy," Marine Policy, Elsevier, vol. 63(C), pages 126-134.
    7. 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.

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