Wave energy is one of the most promising renewable energies available with its very large resource. The waves generated by the wind field are steadier than the wind field itself, rendering wave energy more consistent than wind energy. It is also more predictable than wind and solar. Wave energy is making continuous progress towards commercialisation, and thanks to an increasing number of deployments at sea, the sector is increasing the understanding of the costs and economies of these projects. No wave energy converter has been demonstrated to be commercially viable, and it is yet to be proven that wave energy can contribute to the renewable energy mix. In this context, and in order to find an economically viable solution for exploiting wave energy, it is important to assess the economic potential of a particular concept throughout the entire technological development process. At early development stages, this assessment can be challenging and present large uncertainties. Notwithstanding, it is important to perform the economic assessment already at the early stages in order to identify possible bottlenecks or potential improvements or modifications of a concept. This work presents guidance for the economic evaluation of a wave energy concept at an early development stage by setting up the economic frame based on a target LCoE. It involves the understanding of the entry cost to be achieved for a specific target market and evaluating the breakdown of costs based on a detailed technology agnostic database of costs. The guidance is then applied to a new type of wave energy converter, in which the primary coupling with the waves is through hydrodynamic lift forces.

A wave-energy converter has been studied through the combination of laboratory experiments and numerical simulations. The converter model is a semi-submerged axi-symmetric buoy with a circular cross section with a diameter of 26 cm at the water plane. The buoy is pitching about a fixed external axis oriented such that the buoy works primarily in heave. The laboratory model is equipped with a spring mechanism referred to as WaveSpring, which works to shift the resonance period and increase the response bandwidth of the system. A controlled electric actuator was connected and programmed to provide a velocity-proportional force for power extraction. The buoy mass was varied at two levels and the experimental setup was exposed to a selection of regular and irregular waves. The power take-off (PTO) damping was set as a function of sea state. A mathematical model for global motion response was developed based on linear hydrodynamic theory and rigid-body dynamics. Comparison of laboratory measurements and numerical simulation results shows that the dominant physical effects have been well captured by the mathematical model. Overall, the study gives an experimental verification that a negative spring mechanism mounted in parallel with the power take-off machinery of a wave energy converter may be used to increase the average converted power.

The power take-off (PTO) of a wave energy converter is defined as the mechanism with which the absorbed energy by the primary converter is transformed into useable electricity.

Numerical models have been used extensively in the design process of the TetraSpar floating offshore wind turbine (FOWT) foundation to optimize and investigate the influence from a number of structural and environmental conditions. In traditional offshore design, either the Morison approach or a linear boundary element method (BEM) is applied to investigate the hydrodynamic loads on a structure. The present study investigated and compared these two methods and evaluated their applicability on the TetraSpar FOWT concept. Furthermore, a hybrid model containing load contributions from both approaches was evaluated. This study focuses on motion response. In the evaluation, hydrodynamic data from BEM codes are applied, while the commercial software package OrcaFlex is utilized for time series simulations of the coupled structure. The investigation highlights the difference between the modelling approaches and the importance of particularly drag and inertia contributions. By optimizing the input coefficients, reasonable agreement between the models can be achieved.

Real assets in the energy market are subject to ecological uncertainty due to the penetration of renewables. We illustrate this point by analyzing electrolyzers, a class of assets that recently became the subject of large interest, as they lead to the production of the desirable green hydrogen and green ammonia. The latter has the advantage of being easily stored and has huge potential in decarbonizing both the fertilizer and shipping industries. We consider the optimization of green ammonia production with different types of electricity procurement in the context of stochastic power and ammonia markets, a necessary assumption to translate the features of renewable, hence intermittent, electricity. We emphasize the importance of using stochastic prices to model the volatile nature of the price dynamics effectively, illustrating the project risks that hedging activities can mitigate. This study shows the pivotal role of flexibility when dealing with fluctuating renewable production and volatile electricity prices to maximize profits and better manage risks.

Real assets in the energy market are subject to ecological uncertainty due to the penetration of renewables. We illustrate this point by analysing electrolysers, a class of assets which recently became the subject of a large interest, as they lead to the production of the desirable green hydrogen and green ammonia. The latter has the advantage of being easily stored and has huge potential in decarbonising both the fertilizer and shipping industries. We consider the optimization of green ammonia production with different types of electricity procurement in the context of stochastic power and ammonia markets, a necessary assumption to translate the features of renewable, hence intermittent, electricity. We emphasise the importance of using stochastic prices to effectively model the volatile nature of the price dynamics, illustrating the project risks that can be mitigated by hedging activities. This study shows the pivotal role of flexibility when dealing with fluctuating renewable production and volatile electricity prices to maximise profits and better manage risks.