The concept of risk management in the renewable sector.

This study explores the perception of risk and the level of risk management implementation in the renewable sector. Risk management is emerging as a key issue due to the loss of confidence amongst banks, causing the attainment of financing to be difficult over the next few years. To attract financing, there is a fundamental requirement to manage risk in a way that minimizes the probability of a negative financial impact on the project. Miller and Lessard (2001) argue that successful projects are not selected but shaped with risk resolution in mind. Rather than evaluating projects at the outset based on projections of the full set of benefits, costs and risks over their lifetime, successful developers start with project ideas that have the potential of becoming viable. Therefore, this study bridges the gap that exists within the renewable sector in relation to risk management literature. This study succeeds through a detailed comparative case study analysis where two developers and two financiers were questioned through qualitative semi-structured interviews on the concept of risk management and its level implementation within the industry. It is believed that the growth in financed renewable energy projects depends on the adequate design and implementation of risk management to mitigate inherent project risks. However, this study revealed that are certain types of developers in existence within the renewable sector, which underestimate the magnitude of risk and view the development of projects as a ‘money racket’. Therefore, it can be concluded that perception of risk will also differ, causing risk and uncertainty to vary from project to project, resulting in investment reluctance to be associated with certain projects. The study originality lies in how it demonstrates to developers the concept of risk management, outlining the simplicity and benefits of implementing it in project development. Finally, this study contributes to the knowledge by enhancing the awareness and understanding of the presence and nature of risk in a RE project environment.

Flood analysis of the clare river catchment considering traditional factors and climate change

The main objective of this thesis on flooding was to produce a detailed report on flooding with specific reference to the Clare River catchment. Past flooding in the Clare River catchment was assessed with specific reference to the November 2009 flood event. A Geographic Information System was used to produce a graphical representation of the spatial distribution of the November 2009 flood. Flood risk is prominent within the Clare River catchment especially in the region of Claregalway. The recent flooding events of November 2009 produced significant fluvial flooding from the Clare River. This resulted in considerable flood damage to property. There were also hidden costs such as the economic impact of the closing of the N17 until floodwater subsided. Land use and channel conditions are traditional factors that have long been recognised for their effect on flooding processes. These factors were examined in the context of the Clare River catchment to determine if they had any significant effect on flood flows. Climate change has become recognised as a factor that may produce more significant and frequent flood events in the future. Many experts feel that climate change will result in an increase in the intensity and duration of rainfall in western Ireland. This would have significant implications for the Clare River catchment, which is already vulnerable to flooding. Flood estimation techniques are a key aspect in understanding and preparing for flood events. This study uses methods based on the statistical analysis of recorded data and methods based on a design rainstorm and rainfall-runoff model to estimate flood flows. These provide a mathematical basis to evaluate the impacts of various factors on flooding and also to generate practical design floods, which can be used in the design of flood relief measures. The final element of the thesis includes the author’s recommendations on how flood risk management techniques can reduce existing flood risk in the Clare River catchment. Future implications to flood risk due to factors such as climate change and poor planning practices are also considered.