navitas techno-financial project software for renewable energy michael o’connor hmrc
TRANSCRIPT
Presentation OutlineNavitas Commercialisation ProjectNAVITAS Software Product
Functionality, ModulesFlow chartsSample graphical results
Current status & future plans
What is Navitas?Techno-financial evaluation toolCalculates Energy Output & Financial Returns
What is the best device at your locationWhat is the best location for your deviceOptimal MW size of your projectWhat level of REFIT support is requiredHow long will it take for the project to produce a return
Originally developed in Excel as an in-house research tool.
NAVITAS – Academic papers 1. Dalton G J, Alcorn R, Lewis T, (2010) “Economic assessment of the Pelamis wave
energy converter, in Ireland, Portugal and North America”. Renewable Energy: 35:2: p.443-455.
2. Dalton G J, O’Gallachoir B. (2010) “Building a wave energy policy focusing on innovation, manufacturing and deployment.” Renewable and sustainable energy reviews. 14:8: p.2339-2358.
3. O’Sullivan D, Dalton GJ, Lewis T. (2010) “Regulatory, technical and financial challenges in the grid connection of wave energy devices”. IET Renewable Power Generation. 4:6: 555-67
4. Dalton GJ, Lewis T. (2011) “Metrics for measuring job creation by renewable energy technologies, using Ireland as a case study”. Renewable and Sustainable Energy Reviews: 15:4: 2123-2133.
5. Dalton GJ, Alcorn R, Lewis T. (2011) “A 10 year installation program for wave energy in Ireland, a sensitivity analysis on financial returns”. Renewable Energy; , 40:1: 80-89.
6. Dalton GJ. (2011) “Why wave energy”. OES IA Annual Report 2010 - Implementing agreement on ocean energy systems. pg 93-110.
7. Deane JP, Dalton G J, O’Gallachoir B “Economics of 500MW of Wave Energy in the All Island System”. Energy Policy. In Press.
8. O’Connor M, Lewis T., Dalton GJ. “Weather windows for operation and maintenance”. Renewable Energy; in review.
9. O’Connor M, Lewis T., Dalton GJ. “Techno-economic performance of the Pelamis P1 and Wavestar at different ratings and various locations in Europe”, Renewable Energy; in review.
10. O’Connor M, Lewis T., Dalton GJ. "Operational expenditure costs for wave energy projects and impacts on financial returns". Renewable Energy. in review.
NAVITAS – sample users to date Sector Company Project
EU FP7 Waveplam Case study
Industry Association
MRIA Case study
Utility Bord Gais Tidal feasibility
Irish Government - SEAI
MPT Feasibility
Wave energy companies
WaveStar Case study
Benson Feasibility (SEAI)
Seapower Feasibility (SEAI)
Ocean Energy Buoy Jobs/MW
Commercialistion ProjectEnterprise Ireland funded €350,000 over two
yearsDevelop and Commercialisation existing
HMRC in –house tool into a commercially available software product
Transfer to more flexible, powerful and user friendly platform
Stage 1: Jan 2012-March 2013 Stage2: April 2013-Dec 2013
Gordon DaltonPI & Manager
Chris O’Donoghue Software Engineer
Steve Prestwich
Optimisation Specialist
Tony DaltonCommercial
Advisor
Chris McCarthySoftware
Consultant
Ray AlcornProject
Consultant & Industry Liaison
Private ConsultantsHMRC
UCC
Slavomir Krupa
Software Architect
Computer Science Depart
Michael O’Connor Technical
Expert
Navitas Team
Navitas experience4 years in development
3 years in Excel1 year in new platform software
development2 technical engineers2 software engineers5 postgraduate+4 undergrad thesis
contributions6 summer interns
NAVITAS – modeling options
Offshore wind +wave
Offshore wind + tide
Wave +tideWind+wave+tideHybrid modelling
Offshore wind
Wave
Tidal
Hybrid device
NAVITAS – modular productTarget market Features
NAVITAS Lite
Trial use, pre project planning
Pre defined user inputsSelection of locations and devices
NAVITAS enterprise
Designers, developers, advisors, financiers oPre project planning, oproject implementation, opost project monitoring
User inputs in all modules8 extra available modulesOptimisation
Energy Calc
AEO
CORE
Limited in Lite
Full in Enterprise
Enterprise Only
Resource
Device
Cash Flow
Results
OPEX
Cable/Piping
Device Cost
Financial Inputs
Moorings/Foundation
s
Weather Window
s
Install
O&M
DebtEquity
Tax
Sensitivity/Risk
Power Optimis-
ation
Project
Planner
NAVITAS Flow Chart
Technical inputs - Devices Lite –
15 device types (permissions confirmed)
Wave, wind , tidePower curves or matrices.
Enterprise – User input option
Technical inputs - Resource Lite –
15 locations around the worldWave, wind , tideSummary data or detailed
hourly dataUp to 15 years data
Enterprise – User input option
Technical outputs – Financial resultsCumulative discounted cash flows
-1,000
-800
-600
-400
-200
0
200
400
600
800
1,000
0 2 4 6 8 10 12 14 16 18 20 22 24
Project years
Cu
mu
lati
ve
dis
co
un
ted
pro
fit
(€M
)
FIT €0.00
FIT €0.05
FIT €0.10
FIT €0.22
FIT €0.30
FIT €0.40
FIT €0.50
FIT €0.60
Technical outputs – Financial results
-800
-600
-400
-200
0
200
400
Irel
and
Sco
tland
Por
tuga
l
Spa
in
Den
mar
k
Gre
ece
Irel
and
Sco
tland
Por
tuga
l
Spa
in
Den
mar
k
Gre
ece
Wavestar Pelamis
Device type
NP
V (
€M
)
1MW rated 0.5MW rated 0.25MW rated
€0.00
€0.10
€0.20
€0.30
€0.40
€0.50
€0.60
€0.70
€0.80
Irel
and
Sco
tland
Por
tuga
l
Spa
in
Den
mar
k
Gre
ece
Irel
and
Sco
tland
Por
tuga
l
Spa
in
Den
mar
k
Gre
ece
Wavestar PelamisDevice type
CO
E (€
/kW
h)
1MW rated 0.5MW rated 0.25MW rated
Current StatusHalf way through two year commercialisation processStage 1 complete: Navitas LiteStage 2 underway to complete Enterprise ModulesTrial of Lite will commence August 2013Enterprise Trials end of yearCommercial Release early 2014Cost: dependent on ongoing marketing studies
Future Plans Post 2013Navitas Bank
Project finance raising stageFull financial inputs and outputs Profit loss, balance sheets
Navitas Microgrid Onshore windIntegrate with HMRC Seagrid
Cloud based?