WEC technology performance levels (TPLs)- metric for successful development of economic WEC technology.

Abstract

The paper discusses the importance of the Technology 
\nPerformance Levels (TPLs) as an essential metric for the 
\nassessme
\nnt and quantification of the techno
\n-
\neconomic 
\nperformance at all stages of the wave energy converter (WEC) 
\ntechnology development and its significance 
\nto
\nthe successful 
\ndeve
\nlopment of economic technology. 
\nTPLs 
\nprovide an integral 
\ntechnology assessment of all cost and performance drivers 
\ngrouped into the five high level categories of 
\nacceptability
\n, power
\nconversion efficiency, 
\navailability
\n, capital expenditure (CapEx) 
\nand
\nlifecycle
\noperational expenditure (OpEx),
\nwhile 
\nbroadly 
\ninversely 
\nrelated to cost of energy (CoE). 
\nFollowing previous introduction of the TPLs in [1], used 
\nalongside the Technology Readiness Levels (TRLs) in form of the 
\nTRL
\n–
\nTPL
\n–
\nMatrix visualisation providing a useful means for the 
\nevaluation, comparison and discussion of different research 
\ntechnology development trajectories over the technology 
\nreadiness and performance levels plane, this paper recaps on the 
\nmotivation for introduction and use of TPLs and 
\nextends their 
\ndescription through their 
\nfundamental principles. TPLs are 
\napplicable at all development stages over all TRLs and the 
\nassociated techno
\n-
\neconomical WEC technology assessments are 
\ndescribed 
\nover
\na range of TPLs.
\nThe value of technology is discussed with respect
\nto
\ninvestability 
\nwhile
\nunder development and marketability when at product 
\nstage. It is 
\nshown that the combined consideration of both TRL 
\nand TPL are 
\nof 
\nthe 
\nessence
\nin order 
\nto a) identify requirements 
\nof WEC technology for successful entry and survival in the 
\nelectricity market and b)
\nassess 
\nactual value technology under 
\ndevelopment when
\ncrucial
\ninvestment and funding decisions are 
\nmade
\n.