Wave energy systems in the Vietnamese context: Proposal for onshore and offshore integration based on a techno-economic analysis

Abstract

Renewable energy introduction is one of the main goals for the evolution of the power system in the 21st century. The most popular technologies are based on photovoltaic panels or wind turbines, but other energy sources such as sea waves energy should be also exploited. Moreover, although a great effort has already been spent in developed countries, pushing the investments through economic subsidies, many developing countries are lagging, still basing most of their power generation-mix on fossil fuels. In this study, two prototypes for sea wave energy exploitation are illustrated, one for onshore and one for offshore application. To demonstrate their feasibility, a techno-economic analysis for their introduction in Vietnam is provided, comparing their performance with more mature technologies such as wind and solar. Results show that, with adequate economic conditions, this technology might be a good support to the decarbonization of the energy system. Regarding the renewables policy, Vietnamese government should support these renewable energies with a higher feed-in tariff to make the investments profitable. Nevertheless, with reference to the offshore technology, a renewable mix based on this energy converter was proved to be economically viable, with LCOE between 6.45 and 6.56 cUSD/kWh and NPV between 4,500 and 51,700 kUSD over 20 years.