Insurance for Energy Risks H Braun and L L Lai
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1 Insurance for Energy Risks H Braun and L L Lai
2 1) Areas Covered Energy Sector Categories Insurance Objectives Risk Categories Insurable Risks Options for Identified Risks Role of the Insurance Sector Insurers Point of View Cover Power Utilities should have Case Study- Offshore Wind Farm Looking Ahead
3 2) The Role of the Insurance Sector Many banks will only invest if adequate insurance cover is present therefore insurance plays a crucial role in the economy. Therefore, banks and Insurance play a key part in the expansion of renewable energy. Insurance reduces the economic impact of large losses e.g. natural catastrophes. Insurance companies offer services to identify risks and means of reduction e.g. fire extinguishing system at remote transformation stations. Insurance plays an important part in privatization of governmental institutions e.g. power companies.
4 3) Energy sector Categories Oil drilling and service contractors. Exploration and production companies. Refining and petrochemical operators. Transmission, distribution and power generation. This presentation will focus on insurance requirements for power generation
5 4) What insurance cover should archive Previously self-insured governmental power companies are now in a position where they have to cover their operational risk by themselves. Reduce risk exposure to investors. Focus company on core business, avoid diversification. Increase cash flow by reducing loss reserves. Expert advice from insurance company for identifying and managing risks. Cover for unexpected events that lie outside core activities.
6 5) Risk Categories Insurance is one option of Risk Transfer. Capital Markets offer alternatives to insurance. Only insurable risks can be transferred.
7 6) Insurable Risks Only Pure Risks can be covered by insurance. Some classifications can be purchased as a package.
8 7) Options for Identified Risks Do Nothing Keep uninsured risk with investors. Cover losses as operating costs. Buy insurance Pay high insurance premium. Claim on insurance if loss occurs. Capital Build up capital reserves as part of contingency plan. Self-Retention Retain part of the risk yourself (self-retention, captive). Buy cheaper reinsurance to cover for high losses.
9 8) Insurers point of view Insurance companies receive premiums for cover. Premiums depend on the risk exposure. Insurance is all about strategy and knowledge. A good insurer needs to know the market and its risks well to charge a competitive premium. The contract wording of a cover needs to be clear and policy exclusions must be certain. Premiums are used to build up reserves. Such reserves are used to pay for future claims. Reserves are a mixture of cash and fixed assets.
10 9) All Utilities should have All-risk property insurance including turbines, boilers, transformers. Machinery and mechanical breakdown, electrical arching and explosion insurance. Generally available in a single package. Financial cover such as income, business interruption and loss of kilowatt hours. Liability cover for property damage, personal injury and third party liability. Cover for high value equipment such as control rooms. Generally, they need to be insured separately.
11 10) Nuclear Utilities Nuclear facilities are covered by pool insurance such as the Price-Anderson Act (US) or the Paris/Brussels Convention (EU). Such pools provide cover for liability claims in the range of $10bn(US) or 1.5bn(EU). Any claims exceeding the pool will be covered by the government. If nuclear facilities would have to pay for insurance cover, their electricity price would increase significantly.
12 11) Renewable Insurance coverage requirements are a substantial barrier to investment in these facilities. Some utilities require high liability insurance prior to connecting to main grid. Some utilities have been forced to accept liability coverage in the range of 50,000 that can be found commonly in private home insurance. Net Energy Metering sometimes does not require liability insurance e.g. Distributed Generation. High amounts of insurance coverage is unnecessary for small-scale renewable generating facilities.
13 12) Insurance for On-Grid Systems Utilities may require > 1m liability insurance, this can prevent IOU project from starting. There can be legislative ruling to avoid excessive insurance requirements.
14 13) Insurance for Off-Grid Systems Off Grid system does not require liability insurance since it does not connect to the main grid. Lightning, wind damage, mechanical breakdown or fire insurance to protect investment.
15 14) Wind Energy Transit damage to all equipment delivered to a site from anywhere, by land, sea or air. Construction All equipment on site, all phases of construction, protects against damage. Operation providing protection against all risks of physical loss or damage (earthquakes, floods and windstorms). Liabilities first and third party liability with policy limits, liability risk from construction to operating phase. Insurance against lack of wind revenue and profits can be protected against low wind speeds.
16 15) Case Study: Offshore Wind Farm Very popular in Germany and Denmark. The highest Economical risks are Electricity Production Cost and Unpredictable fluctuations. Frequency of loss is high for internal failure. With remote location, repair is expensive (vessels, divers) and long delay can cause high Business Interruption claim. Special checks by the insurance company are required for Earthquake, Terrorism and Loss of Income. Offshore Wind Farms cannot be insured against design floors, short circuit, negligence, war and wear and tear.
17 16) Case Study: Offshore Wind Farm Bad weather or fog can delay construction and cause damage to unfinished components. Offshore installations have a high risk of collision during and after construction. The environmental impact of a collision and it s spillage can be very costly.
18 17) Case Study: Offshore Wind Farm Insurers force precautionary replacements of key components such as bearings and gear boxes. This increases the running costs on top of insurance. To save money, power companies should buy equipment with the highest manufacturer guarantees to avoid forced replacement by insurance contracts e.g. 10 years for blades.
19 18) Case Study: Offshore Wind Farm Wind farms are installed at windy locations therefore the storm damage risk is elevated and premiums are high. Storm damage can be reduced with the design and construction of tower and rotor blades and by the application of automatic disc brakes. Climate change will increase the storm frequency which again drives premiums costs up. A major hazard is lightening so conductors are required. Testing of offshore equipment is limited therefore technology is commonly unproven.
20 19) Looking Ahead - Hydrogen Hydrogen will be a major player in the future. Insuring such a volatile medium, e.g. for transportation, will present a major challenge to the insurance industry.
21 20) Looking Ahead - Nuclear Nuclear energy generation is being reconsidered and with the addition of new facilities, the nuclear insurance pool needs to be strengthened. Source: U.S. Climate Change Technology
22 21) Looking Ahead Fuel Cell Electricity generation may change from steam generation to direct electron exchange in large fuel cell power stations. It will be difficult to judge the risks involved.
23 22) Conclusions Some issues on energy and risk have been discussed.
24 Thank you Questions and Discussions
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