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Title: Utilizing a risk-based systems approach in the due diligence process for renewable energy generation
Authors: Wilson, D.M.
Rowley, Paul
Watson, Simon J.
Keywords: Marine energy
Power generation economics
Systems engineering
System modeling
Issue Date: 2011
Publisher: © IEEE
Citation: WILSON, D.M., ROWLEY, P. and WATSON, S.J., 2011. Utilizing a risk-based systems approach in the due diligence process for renewable energy generation. IEEE Systems Journal, 5 (2), pp. 223 - 232.
Abstract: The commercial viability of a marine renewable energy technology is impacted by a range of holistic factors related not only to the performance of the generating device, but also the characteristics of the system-of-systems within which the device operates. In this work, an investment risk assessment methodology is presented that takes account of a wide range of whole-system parameters, and provides a bridge between a device-centric evidence base and the wider systems-level data that is required in order to effectively assess the case for a specific investment.Within the paper, a systemmodeling framework is presented, and a case study assessment is conducted to illustrate the application of the proposed approach. The results indicate that by considering a proposed scheme in terms of both its efficacy as an operating system, along with specific lifecycle factors from concept to disposal, risks and costs can be identified in a systematic and justifiable manner. In addition, technical factors can be described in terms of their effects on the primary capability of the system, namely to produce electricity at an economically feasible cost whilst maximizing return on investment.
Description: This article was published in the journal IEEE Systems Engineering, the definitive version is available at: http://dx.doi.org/10.1109/JSYST.2011.2125150. © 2011 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other users, including reprinting/ republishing this material for advertising or promotional purposes, creating new collective works for resale or redistribution to servers or lists, or reuse of any copyrighted components of this work in other works.
Version: Accepted for publication
DOI: 10.1109/JSYST.2011.2125150
URI: https://dspace.lboro.ac.uk/2134/13050
Publisher Link: http://dx.doi.org/10.1109/JSYST.2011.2125150
ISSN: 1932-8184
Appears in Collections:Published Articles (Mechanical, Electrical and Manufacturing Engineering)

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