Title: System-Level Techno-Economic & Environmental Design Optimization for Ocean Wave Energy

Abstract: Wave energy converters (WECs) can advance the global energy transition by harnessing ocean waves to produce clean power for utility grids and offshore activities. This presentation describes (1) a systems optimization framework to determine the ideal WEC design considering techno-economic viability and environmental impacts at the industry level; and (2) an implementation of the techno-economic portion of this optimization for one WEC concept.

The proposed framework combines aspects of multidisciplinary design optimization, control co-design, life cycle analysis, techno-economic analysis, and systems engineering to suggest a suite of value metrics, a process for metric weighting, and an integrated methodology for WEC design optimization. The process articulated here can generalize to other emerging energy technologies, ultimately advancing the decarbonization of the electricity sector.

The implementation section presents results for the multiobjective optimization of a two-body point absorber WEC design benchmark. The geometry and controller parameters are optimized using sequential quadratic programming to minimize the levelized cost of energy and the coefficient of variation of power. Parameter sensitivities and a Pareto tradeoff curve are shown. Two different hydrodynamic methods are compared: an accurate analytical solution to the 3D boundary value problem using Bessel functions, and a simplified analytical solution that approximates wave diffraction. Structural loads and controller force saturation are taken into account, and the implications for WEC design are discussed.