Wind power plant risk control

What is wind energy project risk management?

And the wind energy project risk management includes the processes associated with identifying, analysing and responding to project risks in order to increase the probability and degree of impact of positive risks and to reduce the possibility and impact of negative events within the project.

How important is risk management for solar and wind energy projects?

Turner et al. (2013) focus on risk management approaches for solar and wind energy projects in six different markets and find that managing these risks will become increasingly important, as market risks, and also construction and operation risks, will generally increase.

What is the risk of a wind energy project?

Introduction The risk of the wind energy project (Konechenkov, 2012; Rolik, 2008), as well as the risk of any other project is some unspecified impact or condition that, in the case of occurrence, has an (positive or negative) impact on the project (or on one of the project objectives), thus on its cost, scope or quality.

What is risk management in offshore wind farm development?

Furthermore, it is concluded that risk management is an area in offshore wind farm development which is taken very seriously and given a good amount of resources. The risk management plan as well as the risk management process used in Rødsand 2 follows a general approach to risk management and relevant tools and methods were used.

How to overcome commercial risks of wind energy project?

Overcoming the commercial risks of the wind energy project is mainly dependent on the project revenues, which are obtained for the electricity yearly generated by the wind parks as per the feed-in tariffs for 1 kWh of electricity.

Does a wind farm contract reduce project risk?

This contract reduces the project risk for the developer significantly, but of course adds a huge risk premium to the project cost. There are few contractors who would accept the risk of being responsible for a whole offshore wind farm so there is a risk that competition would be lower which also adds to the project cost.