Failure Consequence Cost Analysis of Wave Energy Converters—Component Failures, Site Impacts, and Maintenance Interval Scenarios

In the early stages of developing wave energy converter (WEC) projects, a quantitative assessment of component failure consequence costs is essential. The WEC types, deployment site features, and accessibility should all be carefully considered. This study introduces an operation and maintenance failure consequence cost (O&M-FC) model, distinct from conventional O&M models. The model is illustrated with case studies at three energetic Atlantic sites, each of which considers two types of generic floating WECs: a 300 kW point absorber (PA) with a hydraulic power-take-off (PTO) and a 1000 kW oscillating water column (OWC) with an air-wells-turbine PTO. This study compares 39 failure modes for PA and 27 for OWC in terms of direct repair costs and indirect lost production costs, examining the impact of location accessibility, capacity factors, and the mean annual energy production. The discussion revolves around the sensitive parameters. Recommendations for failure mitigations are presented, and the impact of planned maintenance (PM) during the operational phase is examined for 20 MW PA and OWC WEC projects. For a given WEC type, the method thoroughly evaluates how the location affects performance metrics. It offers a decision-making tool for determining optimal PM intervals to meet targets such as O&M costs, operating profit, or availability.