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Offshore wind development costs and schedule volatility are more multifaceted and complex than other power generation development for several reasons. The projects require custom-built vessels, equipment, ports, onshore infrastructure, global sourced materials, and a uniquely trained workforce. Locally, projects face challenges associated with logistics, jurisdictional requirements, and community expectations.
As the power-generation world is racing to satisfy global decarbonization goals it must manage project risks effectively. A well-funded and carefully developed project plan is the centerpiece of a project risk program that can convert unknowns to managed risks.
This presentation will provide an understanding of typical power project risk management concepts and methods, and how they apply to projects in the offshore wind power industry. It will further explore how the industry can learn from past experiences as it matures.