Work on the Levelized Cost of Energy seeks to identify and feedback on the most significant potential cost saving measures available to the LiftWEC technology as it progresses through its developmental pathway.

To support the calculation of the Levelized Cost of Energy cost database for a wave energy farm has been compiled using a thorough literature review has been completed, which is presented in Deliverable D8.1 “Cost Database”. This contains cost data for the different cost centres that comprise a wave energy farm; development and consenting, structure and prime mover, installation and commissioning, operation and maintenance, decommissioning and site lease and insurance.

The Cost of Energy tool developed by Julia F. Chozas in collaboration with AAU (reference below) has also been used to calculate the LCoE of the Atargis CycWEC device and to compare the results obtained with what has been stated in the literature. The results were very similar. This exercise helped in identifying some improvements and refinements to be made to the tool throughout the LiftWEC project.

JFC/AAU Cost of Energy Tool: https://vbn.aau.dk/files/197329239/WECs_COE_Calculation_Tool_ver1.6_4_April_2014.xls