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:
- 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),
- To investigate a variety of early-stage cost indicators such as mass, surface area, point loads, pressure loads and system design,
- 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:
- Develop an improved OPEX model for more effective integrated techno-economic analysis,
- Create a register of cost indicators based on the experience of the partners, through literature review and through stakeholder interviews,
- Devise numerical and experimental methods for measuring the metrics,
- Obtain device cost estimates from historical data and by applying the techno-economic model.