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1. LBIA - 7 March 2011 Introduction Steve Allen Power & Engineering Director UK & Europe.

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Presentation on theme: "1. LBIA - 7 March 2011 Introduction Steve Allen Power & Engineering Director UK & Europe."— Presentation transcript:

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2 LBIA - 7 March 2011 Introduction Steve Allen Power & Engineering Director UK & Europe

3 The Business Interruption Issues of Insuring Renewable Energy assets 1.00 to 1.15 - RSA’s Renewable Energy journey so far Steve Allen, Power & Engineering Director 1.15 to 1.30 - Future Challenges in Wind & Wave / Tidal Adam Hearn, Lead Underwriter, London Market 1.30 to 1.45 - Future Challenges in Bioenergy & Solar Steve Kelly, Global Centre of Excellence BioEnergy and Solar 1:45 to 2.00 - Questions 2.00 Close

4 RSA’S RENEWABLE ENERGY JOURNEY SO FAR Steve Allen, Power & Engineering Director, UK & Europe

5 Renewable Energy Full product line proposition Construction & Engineering Property Business Interruption / Delay in start up Marine Renewable energy generation projects Manufacturers of energy generation equipment RENEWABLE ENERGY Bio Waste to energy, Bio- mass, Bio-gas, Bio-fuels Solar Photo-voltaic, Concentrated, Thermal Small Hydro Less than 50MW Wind On/off-shore wind turbines

6 A MARKET LEADER IN RENEWABLE ENERGY INSURANCE Launched global business in 2007 First to market, building on 30 years of experience 3 Centres of Excellence support operations in 15 countries RSA is a market leader 11% market share in wind, 8.5% across renewables Helped to Cover 80% of offshore windfarms Strong capability Deep technical expertise Broker, manufacturer and customer relationships Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

7 UNDERWRITING PROGRESS We have been part of flagship projects worldwide Onshore since 1978 The first – Vindeby The biggest - London Array The world’s first floating Turbine - Hywind Hydro – We insure Scottish and Southern Energy, one of the largest Hydro owners in the UK Bio – we insure the world’s first plant to be powered by chicken litter! Wave Energy – Pelamis Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

8 Technical and performance challenges Availability of key components New equipment, new suppliers Experience of project developers Political uncertainty Availability of project finance Planning regulations Access to grid and transmission shortage SOME OF THE ISSUES WE SEE IN THE INDUSTRY Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

9 Availability of spares Access Availability of transport & installation vessels (TIV’s) Lead in times Repair times “Recovery” times Serial Losses Age of Plant Bottlenecks ie Transformers Gate Fees Availability of skilled maintenance Assessing lost revenue / profit ROC’s, LEC’s & “Recycled” payments THE BUSINESS INTERRUPTION ISSUES Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

10 WIND, WAVE & TIDAL Future Developments & Challenges Adam Hearn, Lead Underwriter, London Market Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

11 AN INDUSTRY PACKED WITH INNOVATION… …we like playing our part in supporting the industry’s development. From wind turbines in the ’80’s to floating ones… Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

12 AN INDUSTRY WHICH IS CONTINUALLY EVOLVING…. ………..There are turbines in development stage which have a 200m hub height and 100m blade! Today a typical onshore wind turbine has a 90m hub height and each blade is 45m in length… Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

13 AN INDUSTRY WHICH IS CONTINUALLY EVOLVING…. When we consider BI size matters! The 100m blade would just about fit on a football pitch Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

14 PROTECTING THE FUTURE OF THE WIND INDUSTRY Larger turbines New designs New manufacturers New methods of installation Different vessels Logistics onshore/offshore Increasing demands from financial institutions Manufacturing bottle necks Availability of qualified service and maintenance guys The new oil rig? People living on transformer stations Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

15 TRANSPORTATION LOGISTICS Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved availability of the appropriate vehicles appropriate routes need planning the need to liaise with the police for traffic assistance influenced by the weather conditions … all of this takes time and will impact the Business Interruption

16 TRANSPORTATION LOGISTICS OFFSHORE Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved availability of the appropriate vessels there are only limited number of boats able to ship the turbines cost of hiring these vessels influenced by the weather conditions … all of this takes time and will impact the Business Interruption

17 HOW WILL IT CONTINUE TO EVOLVE? SOURCES: 1. Pelamis 2 – Pelamis 2. WaveHub – ReCharge 3. Desertec – Desertec Foundation 4. Aerogenerator – Guardian

18 BIOENERGY & SOLAR Future Developments & Challenges Steve Kelly, Bioenergy & Solar Global Centre of Excellence Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

19 PROTECTING THE FUTURE OF THE BIOENERGY INDUSTRY Technology - No homogeneity, Corrosion issues, Key item sourcing Operators - Farmers through to utilities Motivation - Revenue generation verses cost avoidance Market - Carbon neutral verses carbon free Fuel supply - Erosion of green credentials Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

20 PROTECTING THE FUTURE OF THE SOLAR INDUSTRY Technology - development of thermal plants and thin film technology Cost - Solar is becoming more and more an economically attractive solution Efficiency - Heat storage Natural Perils - Wind and Hail Distribution - Population versus location Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

21 PROTECTING THE FUTURE OF THE SMALL HYDRO INDUSTRY Equipment - supply of equipment from new entrants to the Global stage Cost - other technologies becoming more cost effective, hydro less so as still labour has intensive civil works Natural Perils - Landslide, Snowslide, and Flood, with more extreme weather events the risks are likely increasing Distribution - Often, hydro plants are in remote areas resulting in T&D problems Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

22 Will more electricity be generated from renewable energy sources in 2050 than fossil fuels? 1. Yes 2. No Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved ASK THE AUDIENCE...

23 Thank you for your attention Commercial in confidence © RSA Insurance Group PLC 2010 all rights reserved

24 Closing Remarks Steve Allen

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