An Improved Model for Marine Energy Price and Efficiency Assessment

Abstract

Li, Z. and Liu, Y., 2019. An improved model for marine energy price and efficiency assessment. In: Gong, D.; Zhu, H., and Liu, R. (eds.), Selected Topics in Coastal Research: Engineering, Industry, Economy, and Sustainable Development. Journal of Coastal Research, Special Issue No. 94, pp. 640–647. Coconut Creek (Florida), ISSN 0749-0208.It's generally known that ocean stores abundant energy resources for the development and growth of human beings. Nowadays, the sustainable development of marine economy calls for precisely speculation of marine energy prices and efficiency. However, the traditional methods of measuring energy price and efficiency, for instance, the EROI (energy return on investment) model unable to define system boundaries and to calculate labor and physical costs, be it tidal energy or marine biomass energy. Thus, these methods may ignore as much as 50% of input energy consumption. Energy efficiency could be calculated by the ratio of average energy input cost to the average useable energy output cost while energy price could be measured by the ratio of the monetary input to the output. The principle above could be viewed as a check for energy return on investment as well as an elimination for a redundant process analysis. The results give us a chance to innovate traditional energy efficiency model by social and environmental factors which could be depicted through monetary terms. The precise estimation of marine energy efficiency could also help us make appropriate policies to combat global warming.