Utilizing a risk-based systems approach in the due diligence process for renewable energy generation
journal contributionposted on 30.08.2013, 12:27 by D.M. Wilson, Paul Rowley, Simon Watson
The commercial viability of a marine renewable energy technology is impacted by a range of holistic factors related not only to the performance of the generating device, but also the characteristics of the system-of-systems within which the device operates. In this work, an investment risk assessment methodology is presented that takes account of a wide range of whole-system parameters, and provides a bridge between a device-centric evidence base and the wider systems-level data that is required in order to effectively assess the case for a specific investment.Within the paper, a systemmodeling framework is presented, and a case study assessment is conducted to illustrate the application of the proposed approach. The results indicate that by considering a proposed scheme in terms of both its efficacy as an operating system, along with specific lifecycle factors from concept to disposal, risks and costs can be identified in a systematic and justifiable manner. In addition, technical factors can be described in terms of their effects on the primary capability of the system, namely to produce electricity at an economically feasible cost whilst maximizing return on investment.
- Mechanical, Electrical and Manufacturing Engineering