Minimising Risk in Power Station Development

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ACKNOWLEDGEMENT

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.



DECLARATION

I, [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

SIGNED __________________ DATE _________________

ACKNOWLEDGEMENTii

DECLARATIONiii

CHAPTER 01: INTRODUCTION1

Introduction and Background of the problem1

Purpose of the Study1

CHAPTER 2: LITERATURE REVIEW3

Risks in Power Station development3

Types of Risks in Power Station Development3

Engineering Risks4

Procurement Risks4

Construction Risks5

Financial Risks6

Operational Risks6

Strategic Risks7

Risk Management in Power Station Development Project8

CHAPTER 03: METHODOLOGY10

Research technique10

Data Collection10

Online Desk Research10

Limitations11

CHAPTER 04: DESCRIPTION AND ANALYSIS OF RESEARCH FINDINGS12

Managing risks through risk management strategy12

CHAPTER 05: CONCLUSION15

REFERENCES16CHAPTER 01: INTRODUCTION

Introduction and Background of the problem

With the advent of 21st century, the world started progressing at an unprecedented rate. These advancements caused the rapid growth of energy market as well. The demand for the energy sources as also increased up to significant extent. Due to increased prices of fossils fuels, global warming and increased awareness of other prevalent and sensitive environmental issues emphasizes the need for environment friendly and cost effective solutions for traditional power stations. Modern technological solutions have helped the traditional fossils fuelled power plants to improve their operational efficiency and have less harmful impacts on the environment in the form of hazardous wastes. The increased awareness about the renewable technologies have also not been able to replace the traditional fossil fuelled power stations because of the fact that they still have some gaps to bridge in becoming the fault free electricity producers. Besides this, the high investment cost also becomes an issue when it comes to adopting renewable technological solution for substituting the fossil fuel power stations (Kirby, 2004, p.n.d.).

Purpose of the Study

Power plant development projects a considered to be very capital concentrated and are susceptible risks that could be inter connected and can impact the performance of a power plant project. With any reason whatsoever the failure to deliver a running and operational power development project can come as a shock to all the stakeholders of the project. To carry out such project with effective management of risks and the opportunities of minimizing them is very important (Asbjorg, 2012, p.204).

The increased pollution for the traditional power stations is causing great concern to the environment. As discussed above the need for controlling the problem is required. The instant solution sound in financially is the renovation of the traditional fossil fuelled power station using environment friendly and anti polluting technological solutions. The problem identified in this technique is the presence of risks and the issues for the development of the power stations. Therefore, steps need to be ensured in order to make the development projects with minimized risks if not risk free. The purpose of this study is to carry out a research to achieve the ...