Levelised Cost of Energy Tool
Wave Energy Scotland Ltd
The Levelised Cost of Energy calculation tool is provided to Wave Energy Scotland (WES) programme participants as an aid for them to illustrate the expected future costs and performance of a commercialised version of their wave energy technology. The outputs of the tool help to lend context to the proposed technology development path, and credibility to the technology's targeted cost of energy.
The tool's simplicity is appropriate for its use as a high level comparison tool. Note, it is not intended to be a design tool.
Programme participants are often asked to complete the tool according to specific LCOE scenario. These LCOE scenarios may include, for example:
- A single, full-scale, First of a Kind (FOAK) WEC (i.e. a first commercial offering)
- A single WEC unit as part of a 100MW array, at a global installed capacity of 1GW (i.e. Long-term utility scale offering in a mature market)
The tool can also be used in conjunction with a number of default cost and performance values, enabling it to be used by subsystem developers who do not have sight of the whole WEC system, and can only input costs and/or performance for their a particular subsystem. The default values do not refer to a specific WEC device or WEC type, and are primarily intended to enable comparative observations to be drawn.
Additional information to guide and support LCOE tool inputs can be found on the WES Knowledge Library. Appropriate reading includes the following:
- Project Secure Economics reporting
- Operations and Maintenance simulation tool
- AWS report on Parametric Cost Modelling
WES does not assume any liability with respect to use of or damages resulting from the use of any information and calculations disclosed within these documents.