Financial Income

Annual Income

In order to calculate the annual financial income from the turbine, the predicted annual energy generated was calculated as described in the Energy Generation section. The resulting annual income was calculated as follows.

Assumptions

  • 5 Renewable Obligations Certificates (currently 2 ROCs, but increase proposed for 2013-17 banding) (DECC, 2011)
  • ROC value = 50/MWh (Ofgem reported ROC value = 51.34 for 2010-11) (Ofgem, 2011)
  • Wholesale Electricity Price = 40/MWh (MacKay, 2009)
  • Constant Velocity Profile - Options 1-3

    The total annual energy generation, assuming a constant vertical velocity profile is 701.5 MWh, yielding an annual financial income of 203,435. The headings below show the results for Options 1 - 3 assuming a 1/7th power law velocity profile. Note that the results below for Option 2 and 3 are for reduced turbine depths compared with Option 1, as per the Buoy Velocity Profile section.

    Variable Velocity Profile - Option 1

    The total annual energy generation, assuming a 1/7th power law velocity profile and mooring Option 1 is 601.4 MWh, yielding an annual financial income of 174,406.

    Variable Velocity Profile - Option 2

    The total annual energy generation, assuming a 1/7th power law velocity profile and mooring Option 2 is 604.3 MWh, yielding an annual financial income of 175,247.

    ariable Velocity Profile - Option 3

    The total annual energy generation, assuming a 1/7th power law velocity profile and mooring Option 3 is 653.4 MWh, yielding an annual financial income of 189,486.