RETScreen-based Techno-economic Study of Wave Energy Potential in Bonny Island, Nigeria

Abstract

Climate change and its impact on the environment is driving the adoption of renewable energies. In order to reduce greenhouse gas emissions, the use of renewable energy requires focused attention. This study presents the techno-economic viability of wave energy in Bonny Island Rivers State, Nigeria to determine the suitability of siting wave farms for 30 a MW power generation. In this study, 39-years (1984 – 2023) data of nearshore and offshore wave regimes of Bonny Island at 13 m and 133 m water depth respectively were collected and used to predict the dynamic behavior of wave energy in the area using stochastic Navier-Stokes wave model and validated by Renewable-energy and Energy-efficiency Technology Screening (RETScreen). The result showed offshore wave regime have more potential than nearshore; and the chosen Alstom Kaplan wave converter turbine can generate total annual electricity of 2,146,200 MWh at an energy cost of $0.11/ kWh and 928,413 tons of CO2 on greenhouse gas saving equivalent to 2.15 million barrels of crude oil. The simple payback period (SPP) for the 30 MW wave power plant is 10.5 years, benefit cost ration of 1.3 and Net Positive Value (NPV) of $171,857, 502. These indicate that the 30 MW power plant in Bonny Island is a profitable investment portfolio.