Energy management for 24/7 CFE supply with wave energy technology : A techno-economic assessment of an energy system in Portugal
Abstract: The ocean has tremendous potential in terms of energy generation, and wave energy is especially promising. However, wave energy technology is still non-commercial. Along with ambitious renewable energy targets and investments, much is happening within the field and the wave energy converter developers CorPower Ocean intend to have their technology proven in the upcoming years. This study aims at investigating the value of commercial wave energy in an energy system. This is fulfilled by the possibilities of achieving 24/7 Carbon-free Energy with the wave energy technology from CorPower Ocean at the stage of commercialization. An energy system is modeled with wave energy, floating offshore wind energy, lithium-ion battery storage and the Portuguese national grid, supplying Northvolt’s and Galp’s future lithium conversion facility in Portugal. Different system configurations are compared based on three Key Performance Indicators: 24/7 Carbon-free Energy performance, system emission, and cost for the electricity consumer. In addition, a review of available financial support mechanisms for renewable energy technologies and especially wave energy is done to understand how such mechanisms can affect the economic feasibility of the energy system modeled. The wave energy technology from CorPower Ocean shows to have a high power output and 24/7 carbon-free Energy performance in this study. Although a combination of wave and floating offshore wind energy better ensure energy security with generation profiles that peak at different times, the modeling shows that a system with wave energy alone is preferred for supplying the facility with electricity both from an environmental and economic perspective. The economic feasibility of Lithium-ion battery storage in the system is uncertain and to achieve 24/7 Carbon-free Energy supply of the facility a longer duration storage solution is needed. The price for wave energy in this study is higher than for other commercial renewable energy technologies such as solar PV. However, based on the available financial support structures from governments and other stakeholders, wave energy technology has the potential to be competitive as soon as the technology is proven.
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