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Risk scorecard concept in wind energy projects: An integrated approach

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  • Kucukali, Serhat

Abstract

The proposed risk assessment tool quantifies economic, environmental, political, and societal risks in wind energy projects. The risks are quantified based on the measured data and document evidence. An important component of the proposed methodology includes converting different external risks into a common scale and these scales express the level of risk factors. A survey was conducted with the experts in order to determine the relative importance of external risks. Applicability of the proposed tool is tested on real time wind power plants that are located in Izmir Province on the Aegean coast of Turkey. Change in laws and regulations, environmental issues, local community, grid connection, land use and permits, and erroneous wind resource assessment appeared to be key risk factors. The findings of case studies showed that the perception of inadequate understanding of the potential risks can lead to significant revenue loss. The proposed method estimates each risk factor level separately and then aggregates them by calculating the Project Risk Score (PRS) which is linked to the normalized revenue loss.

Suggested Citation

  • Kucukali, Serhat, 2016. "Risk scorecard concept in wind energy projects: An integrated approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 56(C), pages 975-987.
    • Handle: RePEc:eee:rensus:v:56:y:2016:i:c:p:975-987
    DOI: 10.1016/j.rser.2015.12.017
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    Cited by:

    1. Dragomir, George & Șerban, Alexandru & Năstase, Gabriel & Brezeanu, Alin Ionuț, 2016. "Wind energy in Romania: A review from 2009 to 2016," Renewable and Sustainable Energy Reviews, Elsevier, vol. 64(C), pages 129-143.
    2. Albara M. Mustafa & Abbas Barabadi & Tore Markeset & Masoud Naseri, 2021. "An overall performance index for wind farms: a case study in Norway Arctic region," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 12(5), pages 938-950, October.
    3. Albara M. Mustafa & Abbas Barabadi, 2022. "Criteria-Based Fuzzy Logic Risk Analysis of Wind Farms Operation in Cold Climate Regions," Energies, MDPI, vol. 15(4), pages 1-17, February.
    4. Diógenes, Jamil Ramsi Farkat & Claro, João & Rodrigues, José Coelho, 2019. "Barriers to onshore wind farm implementation in Brazil," Energy Policy, Elsevier, vol. 128(C), pages 253-266.
    5. Dejun Qiu & Hasan Dinçer & Serhat Yüksel & Gözde Gülseven Ubay, 2020. "Multi-Faceted Analysis of Systematic Risk-Based Wind Energy Investment Decisions in E7 Economies Using Modified Hybrid Modeling with IT2 Fuzzy Sets," Energies, MDPI, vol. 13(6), pages 1-25, March.
    6. Farkat Diógenes, Jamil Ramsi & Coelho Rodrigues, José & Farkat Diógenes, Maria Caroline & Claro, João, 2020. "Overcoming barriers to onshore wind farm implementation in Brazil," Energy Policy, Elsevier, vol. 138(C).
    7. Zhang, Yao & Zhang, Yuxin & Gong, Chao & Dinçer, Hasan & Yüksel, Serhat, 2022. "An integrated hesitant 2-tuple Pythagorean fuzzy analysis of QFD-based innovation cost and duration for renewable energy projects," Energy, Elsevier, vol. 248(C).

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