Evaluation of the economic potential of the integration of wave power converters into isolated electrical systems within the European Atlantic Area. Case: Gran Canaria Island

Abstract

The aim of this paper is the evaluation of the economic potential of wave energy converters integration in isolated power systems within the European Atlantic Area (EAA). To do this, we will calculate the Levelized cost of energy (LCOE). Isolated electrical systems of the EAA present common characteristics like territorial limitation, high levels of environmental protection, search for energy independence, or integration of renewable energies. On the other hand, wave energy seems to be a good choice for this area, as previous studies state. In this paper we will explain the methodology of calculation of LCOE particularized for isolated systems, typical of the islands. Later we will apply this methodology to an isolated space of the EAA, Gran Canaria Island. We will propose the integration of the Pelamis wave converter farm in the north of the island. Once LCOE has been determined we will make a comparison based on the results obtained for an installation of the same characteristics in a continental zone of the EAA, the coast of Portugal. Taking into account what was said above, in this paper we want to make known the economic potential of the wave energy integration, but providing a vision that also encompasses the characteristics of isolated systems. In this way we will contribute to the development of future projects that will turn the wave energy into an option for the future.