Original scientific paper
MODELING PROJECT RISKS IN THE DEVELOPMENT OF A WIND POWER PLANT PROJECT
F. Mužinić
D. Škrlec
Abstract
The construction of a wind power plant is a complex project that requires many years during which time all the interested parties are exposed to numerous risks, including some with potentially devastating consequences. In this article, a methodology for modeling project risks in the development of a wind power plant project is presented, taking into account the specific circumstances in the Republic of Croatia. The applied method of risk analysis belongs to the group of probability methods that use Monte Carlo simulation analysis. The identified risks and manner of conducting qualitative and quantitative risk analysis are described in detail. Using the example of the risk analysis of a project for a 20x1 MW wind power plant, the economic criteria for decision making are explained and incorporated in a model. This risk analysis model for the wind power plant projects in the Republic of Croatia is constructed in Microsoft Excel and intended for decision makers and project developers. Although the reference case in the model is wind power plant project in Croatia, it can be adapted to any market whatsoever.
Keywords
Monte Carlo analysis; project risks; wind power plant
Hrčak ID:
16920
URI
Publication date:
31.8.2007.
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