Cost of Energy (COE) Calculation Tool

Julia F. Chozas Consulting Engineer together with Aalborg University and, have released a freely available online spreadsheet to evaluate the Levelised Cost of Energy (LCOE) for wave energy projects.

The open access COE Calculation Tool, user guide and quick-start user guide can be downloaded here:


COE Tool (excel)User Guide (pdf)Quick-Start guide


The open-access tool calculates the LCOE based on the power production of a Wave Energy Converter (WEC) at several locations. Production data may derive from laboratory testing, numerical modelling or from sea trials.

The tool has been developed as a transparent and simple model that evaluates WEC’s economic feasibility in a range of locations, while scaling WEC’s features to the selected site.


to website

The COE Calculation Tool has the following features:

– It is an open-access economic calculation tool.
– It uses broadly-known software: Excel.
– It includes default values for efficiencies and prices.
– It is simple and transparent: it promotes the understanding of calculation steps and results.
– It focuses on power production values instead of on installed capacity.
– It evaluates the COE in a range of locations.
– It encounters the unique feature of scaling the WEC according to locations.
– It focuses on input values rather on the outputs: it is conceived as an exercise for WEC developers.
– It provides a user guide where assumptions and input and output values are explained in detail.


If you would like to hear more about the COE Calculation Tool we invite you send an email to Julia Fernandez Chozas or use the contact form.

We look forward to hearing from you,
Julia F. Chozas, Jens Peter Kofoed and Niels Ejner Helstrup


See the presentation of the project from Aalborg University below or click here: