A model for the estimation of emergency maintenance cost for a 10 MW tidal energy conversion installation
LE3 .A278 2014
Bachelor of Science
Mathematics and Statistics
Mathematics & Statistics
Using the power of tidal flows for human activity is a very old practice. In the 1970s, activity and research focused on the feasibility of barrage-based tidal electricity generating stations. More recently, this focus has changed to an alternative: in-stream tidal energy, using tidal energy conversion (TEC) devices. This is a nascent technology with a lot of uncertainty surrounding whether it will be financially feasible. This study focuses on modelling the downtime and associated costs of emergency maintenance by defining several maintenance categories, with fixed downtimes and costs, and randomly choosing the number of breakdowns in each of these categories over 25 years. Simulation analysis is used to evaluate the uncertainty in the sources of costs considered: repair costs and revenue loss due to downtime. This study identified repair costs as an area where improvements and cost reductions should be focused more so than improvements in reducing the downtimes associated with repairs. It was found that repair costs are larger in magnitude and more uncertain.
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