e-Poster: Risk Assessment Considerations and Risk Management for Offshore Wind Development
(Room Station 1)
23 Oct 19
12:45 PM
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1:00 PM
For Offshore Wind (OSW) project developers, off-takers and Regional Transmission Operators (RTOs), it is important to assess the potential technical and financial risk for any viable OSW project development. Competitive procurement of OSW resources require assessment of risks associated with project development, siting (both onshore and offshore facilities), safety & environment, operation and maintenance (O&M), energy production (offshore wind profile), financial risks or opportunities (or hindrance) for the OSW eligibility or not viability to participate in the RTO markets (energy, capacity, ancillary services etc.), financial basis and other regulatory impacts. Developer, energy offtakers, both state and federal and regulators require to quantify the assessment of these risks in order to evaluate the viability of the OSW resource developments. Probabilistic assessment of these risks utilizing Monte Carlo simulation may also aid to understand the range of investments require for the OSW project developments. The proposed topic discusses these risks and their potential assessment methods and tools to quantify these risks to evaluate financial viability of the project.