Offshore Renewable Energy (ORE) Catapult and consultancy firm Frazer-Nash, both based in the UK, will perform a live demonstration of their marine hydrokinetics (MHK) energy project risk assessment tool during the International Tidal Energy Summit pre-conference risk and reliability workshop in London on Nov. 23.
The risk assessment tool was constructed using open source software and the three supporting guidance documents and assessment tool can be found on the ORE Catapult website.
In published reports, Neil Adams, group leader at Frazer-Nash, said, "We've worked extensively with ORE Catapult, industry and academia on this program."
According to Adams, the collaboration resulted in the development of structured guidance documents and an intuitive [software] tool designed to “simply and systematically” determine the uncertainty of MHK energy yield.
“It helps identify key uncertainties and allows projects to be compared on a like-for-like basis,” Adams said.
The announcement does not indicate the foundation on which a “like-for-like basis” is established, but Adams thinks the tool and guidance documents will assist MHK project developers and financiers in deciding where to invest their capital.
“This approach will ultimately help to reduce risk and make projects more attractive to investors,” Adams said.
Ralph Torr, renewable technology engineer for ORE Catapult, said, "The perceived level of risk associated with wave and tidal energy projects is high. Being able to more accurately determine the energy output of a potential wave or tidal energy project is a key part of reducing this risk and is central to optimized project design and reducing the costs of financing.”
Torr thinks the project provides a “common language and a standardized approach” to assessing and reducing uncertainty about MHK project energy yield.