Financial assessment of electricity trading from Mutriku, a successful wave power plant

  • Casas, Isabel (PI)

Project: Research

Project Details

Description

The Paris agreement in April 2016, ratified by the Danish parliament in October 2016, set the rules for climate change mitigation worldwide, the reduction of greenhouse gas emissions and the promotion of clean sources of energy. Electricity production from renewable sources of energy suffers from intermittency because this energy cannot be stored. This intermittency can be combated by combining various energy sources. Denmark is fully committed to the development of renewable energies with a primary focus on wind energy and with a strong projection in the development of wave power plants. However, wave power generation is still in the prototype stage in Denmark four prototypes are currently in Danish seas, while it is a reality in the Basque Country. Due to the strategic location in the Bay of Biscay and the historical capabilities of shipbuilding and related manufacturers in the region, wave energy is the leading source of renewable energy in the short and medium term in the Basque Country. The result of this governmental commitment is the construction of the Mutriku Wave Power Plant, the world s first commercial wave power plant, which has been operative since July 2011. This project has access to production data from Mutriku, necessary to find the best forecasting model of electricity, and so, to advise the most efficient trading strategy under the European Electricity Market model.
StatusFinished
Effective start/end date01/03/202030/06/2020