With the European Commission’s ambitious goals for reducing greenhouse gas emissions and increasing renewable energy usage, marine renewables, including wave energy, have gained attention as a promising source of clean and predictable energy. Despite its potential, wave energy has lagged behind other renewable technologies like wind and solar, primarily due to higher costs and slower commercialization. This thesis investigates the impact of power output capping on the levelized cost of electricity (LCOE) of wave energy converters (WECs), a crucial metric for assessing their commercial viability. The research uses numerical modeling to calculate the theoretical LCOE/kg, considering both uncapped and capped power outputs. Using a cylindrical point absorber WEC, the study employs a boundary element method (BEM) solver to model hydrodynamic parameters, such as response amplitude operators and excitation forces. By constructing power matrices, the research analyzes the effects of two capping strategies on the AEP and capacity factor in both medium and high energy regions.
Results indicate that capping significantly influences the LCOE, with small variations observed between medium- and high-energy regions. The study highlights that specifically PTO damping capping has the most negative economic implication, with similar changes in LCOE in terms of percentage observed in high-energy regions and medium-energy regions. These findings contribute to the broader goal of advancing the commercialization of wave energy, supporting the transition towards a more sustainable and climate-neutral energy future.