An index to estimate the cost of electricity (COE) generated by a wave farm from the design parameters of a wave energy converter (WEC), such as the body size and the generator capacity, was examined to show the validity of index value in this study. The validation tests are performed for three different wave farm settings at three different locations.
The result displays the potential of index to capture the trend of COE value especially when the wave farm size is small. The calculation result of COE reveals that the parameter combination to give better profitability is determined by the balance between WEC construction fee and installation fee. So, it would be different from the optimum size to have the best energy conversion efficiency. It also explains the shift of parameter combination to give the better profitability when the size of wave farm is changed. However, the index contains certain level of error because of the lack of this feature. Therefore, the error becomes larger when the size of wave farm becomes larger. As a result, it was found that the modification of the index is needed to improve the accuracy by including the cost related to the number of buoys in the wave farm.