The tool assesses and subsequently reduces the risk of tidal energy projects, and will go some way to identifying and rectifying key uncertainties of tidal energy projects.
Frazer-Nash Group Leader Neil Adams said: “We’ve worked extensively with the ORE Catapult, industry and academia on this programme.
“We have developed a structured guidance document and intuitive tool to determine the uncertainty on energy yield simply and systematically. It helps identify key uncertainties and allows projects to be compared on a like-for-like basis. This will assist project developers and financiers decide where to invest their capital.
“Understanding these risks can help project developers, technology developers and researchers to prioritise their activities to reduce uncertainties. It can also help project financiers to understand the importance and potential scale of uncertainties, informing discussion on economic risk.”
A live demo of the new tool will take place on Monday 23rd October at the International Tidal Energy Summit pre-conference risk and reliability workshop.
Categories: Natural Energy Wyre News