![]() ![]() Moreover, targets per cost component (CAPEX, OPEX and Capacity factor) will be proposed out using a reverse LCOE approach. ![]() Based on information received from technology developers and project promoters, cost targets will be addressed for different ocean energy technologies. The objective of phase II is to provide information on the cost of ocean energy based on the methodology and results of phase I, identifying different technologies, baseline projects in different countries and when possible, comparing regions and technologies throughout a transparent methodology. Technology development and deployments are the main drivers for bringing the cost of energy of ocean energy technologies down however external factors such as cost reduction of other RES technologies (e.g wind) provide further stimulus for ocean energy costs to be reduced quickly. Further progress is needed in order to build confidence in the ocean energy sector, and in each specific technology market. The study showed that whilst progress has been made, the rate at which cost-reduction and technology deployment have taken place have been below par with expectations in the sector. The first phase of this study, which applied the LCOE methodology developed by the IEA, identified the need for homogenization of cost and performance (Capex, Opex, capacity factor, availability) data among different developers and countries. The assessment included project development costs (including streamlining of environmental consenting) and operations and maintenance. By undertaking a bottom-up assessment of the cost components of leading wave, tidal, and OTEC systems, this work investigated the development and fabrication of leading devices or systems, and their integration into commercial arrays and large-scale power plants. ![]() The aim of the first phase of this project was to provide an authoritative view on what cost reductions are feasible at a global level, taking into account the experience from other technologies. The final goal for all wave, tidal, and OTEC technology developers is to generate power at a cost that is competitive with alternative forms of generation. Furthermore, a thorough understanding of the technological limitations is fundamental to developing an accurate and representative LCOE that the sector is capable of achieving. LCOE estimates are a cornerstone of the deployment strategy for all device and project developers. In order to unlock some of these cost savings, the deployment levels of ocean energy converters will need to ramp up and projects must progress into the construction and operation phases. While the cost of existing prototype devices is high, there is scope for significant reductions of the cost of energy. The assessment of the Levelised Cost of Energy (LCOE) for ocean energy devices represents a critical element of understanding in the development of ocean energy array projects. It is important for policy makers and those who might invest in ocean energy generation to have a picture of the current costs for ocean energy generation and how these are likely to reduce over time. A number of full scale prototypes are now in operation and generating to the electricity grid plans for the first arrays are well advanced. ![]()
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