Current state-of-the-art cost modelling integrates engineering and logistics simulation with economic analysis. However, reliable early-stage cost assessments and operational simulations are under-developed and step change improvements are needed in these areas. The WEC.0 project aims to address these issues.

The cost focused goals are:

  1. To improve upon the state-of-the-art techno-economic model with respect to simulation of marine operations and estimation of installation, removal and operational costs (OPEX),
  2. To investigate a variety of early-stage cost indicators such as mass, surface area, point loads, pressure loads and system design,
  3. To evaluate the correlation of selected cost indicators to more detailed cost estimates provided by historical data and a techno-economic model.

The cost analysis approach is:

  1. Develop an improved OPEX model for more effective integrated techno-economic analysis,
  2. Create a register of cost indicators based on the experience of the partners, through literature review and through stakeholder interviews,
  3. Devise numerical and experimental methods for measuring the metrics,
  4. Obtain device cost estimates from historical data and by applying the techno-economic model.