Currently, the techno-economic performance of Wave Energy Converters (WECs) is not competitive with other renewable technologies. Size optimization could make a difference. However, the impact of sizing on the techno-economic performance of WECs still remains unclear, especially when sizing of the buoy and Power Take-Off (PTO) are considered collectively. In this paper, an optimization method for the buoy and PTO sizing is proposed for a generic heaving point absorber to reduce the Levelized Cost Of Energy (LCOE). Frequency domain modeling is used to calculate the power absorption of WECs with different buoy and PTO sizes. Force constraints are used to represent the effects of PTO sizing on the absorbed power, in which the passive and reactive control strategy are considered, respectively. A preliminary economic model is established to calculate the cost of WECs. The proposed method is implemented for three realistic sea sites, and the dependence of the optimal size of WECs on wave resources and control strategies is analyzed. The results show that PTO sizing has a limited effect on the buoy size determination, while it can reduce the LCOE by 24% to 31%. Besides, the higher mean wave power density of wave resources does not necessarily correspond to the larger optimal buoy or PTO sizes, but it contributes to the lower LCOE. In addition, the optimal PTO force limit converges at around 0.4 to 0.5 times the maximum required PTO force for the corresponding sea sites. Compared with other methods, this proposed method shows a better potential in sizing and reducing LCOE.

A crucial part of wave energy converters (WECs) is the power take-off (PTO) mechanism, and PTO sizing has been shown to have a considerable impact on the levelized cost of energy (LCOE). However, as a dominating type of PTO system in WECs, previous research pertinent to PTO sizing did not take modeling and optimization of the linear permanent magnet (PM) generator into consideration. To fill this gap, this paper provides an insight into how PTO sizing affects the performance of linear permanent magnet (PM) generators, and further the techno-economic performance of WECs. To thoroughly reveal the power production of the WEC, both hydrodynamic modeling and generator modeling are incorporated. In addition, three different methods for sizing the linear generator are applied and compared. The effect of the selection of the sizing method on the techno-economic performance of the WEC is identified. Furthermore, to realistically reflect the relevance of PTO sizing, wave resources from three European sea sites are considered in the techno-economic analysis. The dependence of PTO sizing on wave resources is demonstrated.