Freely available online spreadsheets to evaluate the Levelised Cost of Energy (LCOE) for wave energy projects.
Julia F. Chozas has been working over the years in developing transparent and simple models that can evaluate the economic feasibility of wave energy converters in a range of locations. The models have been developed to ensure consistent and transparent calculation methods; and to provide a reference framework for performing LCOE analyses. All of the models are open access.
LiftWEC LCOE Calculation Tool is the latest economic model developed. It has been updated and refined under the scope of the LiftWEC Project together with Aalborg University and InnoSea. It includes new features and improvements. It incorporates an updated database of costs, an updated parametric cost model, and a summary page to be eventually included in a final/evaluation report. Calculations on LCOE estimates of the LiftWEC technology have also been published to guide interested users.
The background of this model is the COE Calculation Tool created by Julia F. Chozas Consulting Engineer together with Aalborg University and Energinet.dk and released in 2014.
Downloaded here the Danish COE Calculation Tool, user guide and quick-start user guide (link to Aalborg University, version from 2014)
The COE Calculation Tool has the following features:
– It is an open-access economic calculation tool.
– It uses broadly-known software: Excel.
– It includes default values for efficiencies and prices.
– It is simple and transparent: it promotes the understanding of calculation steps and results.
– It focuses on power production values instead of on installed capacity.
– It evaluates the COE in a range of locations.
– It encounters the unique feature of scaling the WEC according to locations.
– It focuses on input values rather on the outputs: it is conceived as an exercise for WEC developers.
– It provides a user guide where assumptions and input and output values are explained in detail.
Many users around the world have used the LCOE Calculation Tool in its different versions. Users mainly comprise the wave energy sector: academia, technology developers, researchers, and also funding programmes like the Swedish Energy Agency – by recommending WEC developers using the LCOE Tool when applying for dedicated funding.
Read here the Spanish version.