Economic feasibility study for wave energy conversion device deployment in Faroese waters

Abstract

As the world continues to battle with increasing energy demand along with the serious effects of climate change, there is a need for more reliable renewable energy sources. The objective of the present work is to study the economic feasibility for deployment of wave energy conversion devices in the Faroese coastal region. We analyze eight different wave energy conversion concepts under development at nine different nearshore locations in the Faroese coastal region. The nine different locations are classified into three coastal locations — three on the west coast, three on the east coast and three on the north coast. The eight wave energy conversion devices mostly rely on different working principles, though some of these are similar. Results show that there is quite a significant difference in the performance of the devices from coast to coast. There is also a difference between the different conversion devices as they rely on different principles and the suitability of each device varies from location to location. We also show that the Faroe Islands are a suitable location for wave energy converter deployment compared to other places. Furthermore, results show that the performance of wave energy converters in the Faroe Islands can prove to be a direct competitor to offshore floating wind energy.