Power is key

With increasing power consumption worldwide, vulnerability to a 'black out' is increasing as demonstrated by recent incidents in the US and Italy. At yesterday's workshop on risk management strategies for privately financed power generation projects, Joachim Haaf, risk management director, RWE Utility, said that the main factors affecting risk management of power plants are: types of plants, phase of lifetime, size and dependencies, balance sheet strength, strategic targets, risk management as part of the business and changing client needs. He stressed the importance for an overall risk management approach. Ongoing evolution from risk management towards integrated risk management or business continuity management where integrated risk management is a systematic overall approach to all risks a corporation and its business activities are facing.