Energy - Allianz Global Corporate & Specialty

SPECIAL
TOPIC
Wind energy
Offshore wind farms – pion eering work on the high seas
A stormy day on the North Sea. A large ship gets into trouble. The high
swells hurl it against the transformer platform of an offshore wind farm,
sinking it. Power from the wind farm to the mainland is cut off for months. A
worst case scenario.
MARIA WAGNER
A total loss with far-reaching consequences: The
electricity can no longer be transmitted, and the
wind energy production must be shut down. Perhaps
for a period of months. After all, it can take an
extensive amount of time to erect a new platform
on the high seas: Elaborate advance work must be
done to schedule the use of costly special ships and
equipment. The high-seas operation may be delayed
over and over again as a result of bad weather.
Added to the high production costs of a new offshore
platform are the financial losses resulting
from the extended halt of electricity production.
“When an entire platform sinks into the sea, we face
a classic worst case scenario. In such cases, we are
talking about potential property losses of € 50 million
to € 60 million as well as a nine-digit loss of income,”
says Gerhard Müller, Senior Risk Consultant
24 Special Topic – Energy
at Allianz Global Corporate & Specialty (AGCS).
Gerhard Müller knows what he is talking about:
Every day he works on risk management in the area
of wind power stations. The market for these systems
is currently experi encing a boom. Germany is
a good example. The Amended Renewable Energies
Act of 2009 has set very ambitious goals for the
country: By 2020, 30 percent of electricity should
come from renewable energies. Robert Maurer,
Global Head of Renew able Energies Underwriting at
AGCS, is convinced that wind power will play a key
role in this drive: “Wind power stations represent a
real alternative to nuclear power plants because
they can produce sufficient amounts of electricity.
For this reason, wind energy has the greatest potential
of all re newable energies – particularly from a
cost-benefit perspective.”
Wind power worldwide June 2010
With almost all lucrative mainland sites occupied, European wind farms
are moving farther out to sea.
Position Country Total capacity June 2010 (MW) Added capacity June 2010 (MW) Total capacity end 2009 (MW)
1 USA 36,300 1,200 35,159
2 China 33,800 7,800 26,010
3 Germany 26,400 660 25,777
4 Spain 19,500 400 19,149
5 India 12,100 1,200 10,925
6 Italy 5,300 450 4,850
7 France 5,000 500 4,521
8 United Kingdom 4,600 500 4,092
9 Portugal 3,800 230 3,535
10 Denmark 3,700 190 3,497
Rest of the World 24,500 2,870 21,698
Total 175,000 16,000 159,213
Source: WWEA
Special Topic – Energy 25