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Renewable Energy Market Review January 2021

Table of contents

Introduction

Part One – the energy transition: risks and challenges for the renewables industry

Wake up and smell the coffee: why the rise of renewables poses its own risks and challenges
Enhancing your ESG response: the strategic role of the risk manager
A client’s perspective: managing the new risk landscape as the industry expands its footprint
Geopolitics of an electrified world: transformative threats to the resilience of the renewable industry
Hydrogen: an option to meet climate change goals?
The future of Offshore Wind: an underwriter’s view
The advent of Green Finance: here to stay!
Southeast Asia: the rise in renewable energy
The “Green Belt and Road”: China’s journey to carbon neutrality

Part Two – key issues affecting renewables risk

State of the art analytics: a critical risk management tool in a hardening insurance market
Renewables industry losses: why they still happen, despite good risk management
My asset values are falling: so why isn’t my insurance premium?
Ensuring a smooth insurance handover: what risk managers need to know
Lost in transmission: the threat to Australia’s renewable energy industry
Wildfire risks and vegetation management: why you need a plan!
Wind turbine pitch bearings: why risk managers should take note
Floating Offshore Wind: key considerations
Microcracks: a macro problem?
Solar trackers: chasing the sun and weathering the storm?
Reflections in the sun: Floating Solar

Part Three – the Renewable Energy insurance markets in 2021

The Renewable Energy insurance market in 2021: current threats and challenges
COVID-19: testing times for the Renewable Energy market?
London & European Renewable Energy markets: responding to unprofitability
Global Liability/Casualty markets: unremitted gloom for buyers as insurers continue to suffer North American Renewable Energy market: wildfires fuel the hardening process
International Renewable Energy markets: updates from Beijing, Dubai, Miami, Singapore and Sydney

Style

Our Review uses a mixture of American and English spelling, depending on the nationality of the author concerned. We have used capital letters to describe various classes of insurance products and markets, but otherwise we have used lower case to describe various parts of the renewable energy industry itself.

Abbreviations

The following abbreviations have been used throughout this Review:

BI Business Interruption
CEO Chief Executive Officer
CFO Chief Financial Officer
COVID-19 Coronavirus disease 2019
CRO Chief Risk Officer
DSU Delay in Start-Up
EML Estimated Maximum Loss
EPC Engineering, Procurement and Construction
ESG Environmental, Social, and Governance
EU European Union
FT Financial Times
GDP Gross Domestic Product
GW/h Gigawatt/hour
IEA International Energy Agency
LEG London Engineering Group

IPP Independent Power Producer
MFL Maximum Foreseeable Loss
MW Megawatt
Nat Cat Natural Catastrophe
O&M Operations & Maintenance
OEM Original Equipment Manufacturer
OPEC Organisation of Petroleum Exporting Countries
PD Physical Damage
PML Probable Maximum Loss
PPA Power Purchase Agreement
PV Photovoltaic
UN United Nations
US United States
WTG Wind Turbine Generator
WTO World Trade Organisation