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Wind Energy Update

29 Mar 2012 10:03:20

Huge expansion in the number of risk reduction strategies for offshore wind

The need for risk reduction in the offshore wind sector urges more and more companies to implement innovative risk management strategies. With 2,375 MW under construction in European waters at the moment errors are no longer an option for those who want to remain in the industry for long.

To overcome the challenges associated with the farshore environment where the majority of the projects are now built different companies rely on different methods. Some use technologies and special equipment to reduce environmental challenges. Software for meteorological assessment, weather stimulation programs, extra resistant installation vessels, floating foundations etc. are among the main examples of such technical risk reduction strategies.

To overcome the risks in their projects others rely on administrative tactics such as contractual risk mitigation strategies. In this case risks are distributed among several of the involved parties in a pre-negotiated manner.

Finally, some companies perceive risk as an internal management matter and use transparency and communications strategies to ensure all the employees (from technical to managerial level) have the required knowledge and expertise to respond effectively to any potential hazards.

While it is difficult to measure the exact results of any of these methods it seems clear that efforts towards risk reduction are on the agenda of most companies involved with the offshore wind industry. In addition, in July 2011 the UK government announced that it will support the technology development programs for offshore wind with £30 million.

To give a platform for the discussion of all these and other risk management strategies Wind Energy Update holds its first offshore wind risk summit in Hamburg this June. The event will provide the delegates with critical information on which risk reduction tactics have been successful and can result in dramatic savings in the insurance cost. With speakers from companies such as Statkraft, RWE, Acciona, Vattenfall, Siemens and many more this event is a must attend industry meeting for all professionals who plan to build solid risk profile for their existing and upcoming wind projects.

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