Availability of operation for Wave Energy Converters (WECs) over 60% at milder environments.
Capacity factor at milder resource with suitable converter can be over 15%.
Optimistic learning rate indicate WECs cost can be as low as 500 k/MW by 2030.
Realist learning rate indicate WECs cost can be as low as 1.6 mE/MW by 2030.
1400 Direct jobs can be provided by the realistic scenario at island communities.
The study quantifies socio-economic benefits by the integration of wave energy in Greece, through resource examination, availability and deployment considerations. Greece has a large number of inhabited islands that mostly utilise conventional fuels for power generation, inclusion of wave energy will contribute both in terms of energy independence but also in job creation. The Greek region is often overlooked, due to its lower resources, but through proper converter selection energy benefits can be significant. Furthermore, milder resources offer opportunities for capital expenditure reductions, hence reducing cost of device and energy.
Scenarios consider technological maturity, legislation, and resource potential to quantify future cumulative installations that can be developed. If a wave energy converter (WEC) is selected properly, accounting for climate variability and persistence, currently several WEC designs can operate at capacity factors near at from 20%. Based on a resource and availability assessment, the learning rates from an incremental approach are more suitable and allow cost reductions. Job creation targets island regions where majority of exploitable resource is located and can provide up to 1400 direct jobs. Adaptation of wave energy by Greece has the potential to offer major technological, energy and employment benefits.