1 / 9

BWEA - Offshore Quantification and Allocation of Risk

27th March 2003. BWEA - Offshore Quantification and Allocation of Risk. Gillian Waite - Senior Consultant Risk Consulting Practice. What is Risk?. Maximise megawatts generated from offshore wind farms. Corporate Objectives and Strategy. Future Situation. Current Situation.

quinn-terrell
Download Presentation

BWEA - Offshore Quantification and Allocation of Risk

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 27th March 2003 BWEA - OffshoreQuantification and Allocation of Risk Gillian Waite - Senior Consultant Risk Consulting Practice

  2. What is Risk? Maximise megawatts generated from offshore wind farms Corporate Objectives and Strategy Future Situation Current Situation Threats? Bad things do not happen and Opportunities? Good things do happen Validating Future Situation Risk Management

  3. And What is Risk Management? Strategic Positioning Culture & Integration: Communication Processes & Procedures Training Embedding Monitoringand Reporting Risk Identification Risk Action Plans Risk Assessment

  4. Why do this? • Aide memoir for Project Financing; • New technology for financiers so lack of information; • Provide an ‘education’ response. • Pool knowledge to build strategy base for BWEA; • Consolidation and consensus of issues; • ‘Buy-in’ to strategy. • Facilitate the ‘allocation’ of risk; • Most appropriate type of Risk Holder; • Facilitate action.

  5. How was this done? • Focus on Identification and Prioritisation; • Finance Forum submitted risks; • Workshop, facilitated by Marsh: • Validated the Risk Issues; • Prioritised Risk Issues; Severity and likelihood; • Output - Risk Map; • Discussion of current mitigation activity; • Discussion of potential improvements. • Results consolidated and issued.

  6. Findings - Key Themes (1/2) • Importance of Government as a stakeholder; • As policy maker and risk taker; • ROC - Renewable Obligation Certificates. • Implications of developing a new technology; • Scale and applicability of technology use; • Hence need for a ‘higher’ tolerance to risk; • Use of single contract structure resulting in higher contract prices. • Need for learning and sharing of information; • Verses commercial sensitivity.

  7. Findings - Key Themes (2/2) • Need to develop a set of ‘standards’; • Concentration of Risk in the Development Phase; • ‘Design’ risks (threats) out. • Importance of third-parties; • Crown Estates; • National Grid.

  8. Quantification and Allocation of Risk - What next? • Develop BWEA strategy; • Validated issues for lobbying; • Management of issues. • ‘Best’ allocation of risk issues; • Member groups of BWEA. • Identify (other) stakeholders; • Enhance communication; • Seminars. • Learning from PFI; • Regular Finance Forum meeting.

  9. 27th March 2003 BWEA - OffshoreQuantification and Allocation of Risk Gillian Waite - Senior Consultant Risk Consulting Practice

More Related