110301pnr - Paper - IEEE Format.pdf (222.06 kB)
Download fileUtilizing a risk-based systems approach in the due diligence process for renewable energy generation
journal contribution
posted on 2013-08-30, 12:27 authored by D.M. Wilson, Paul Rowley, Simon WatsonThe 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.
History
School
- Mechanical, Electrical and Manufacturing Engineering
Citation
WILSON, D.M., ROWLEY, P. and WATSON, S.J., 2011. Utilizing a risk-based systems approach in the due diligence process for renewable energy generation. IEEE Systems Journal, 5 (2), pp. 223 - 232.Publisher
© IEEEVersion
- AM (Accepted Manuscript)
Publication date
2011Notes
This article was published in the journal IEEE Systems Engineering, the definitive version is available at: http://dx.doi.org/10.1109/JSYST.2011.2125150. © 2011 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other users, including reprinting/ republishing this material for advertising or promotional purposes, creating new collective works for resale or redistribution to servers or lists, or reuse of any copyrighted components of this work in other works.ISSN
1932-8184Publisher version
Language
- en