Sciemus forms New Risk Analysis Partnership for Wind Energy
16th September 2010 – Wind operators will soon have access to more competitive, tailored premiums following the launch of the world's foremost bespoke wind energy risk assessment tool.
Sciemus, in partnership with Strategic Power Systems, Inc. (SPS) is proud to announce the development of a groundbreaking analysis tool capable of quantifying risk in the area of wind turbine technology. This tool will grant wind power operators and insurers greater certainty of the technical risk presented through detailed bottom-up modelling of wind turbine component reliability.
This is the latest endeavour in the ongoing partnership between Sciemus and SPS, a relationship that began in early 2009 for the development of fossil, gas and steam power plant risk analysis models. The strength of the companies' technological collaboration has led to a best in class risk management tool for power operators throughout the world.
Working directly with power plant operators, both in thermal and wind, Sciemus and SPS will model the taxonomy, failure modes and characteristics of the various turbines. Their impressive range of research activities ensures this new venture will provide world-class benchmarking and intelligence to the energy market.
Sciemus and SPS are moving forward in establishing relationships within the insurance industry in order to deliver this analytical capability to market. Building business partnerships to augment the attractiveness of the offering to wind operators is a primary objective for both companies over the coming months.
Andre Finn, CEO of Sciemus commented: "Helping to sustain the continued development of the RES (renewable energy source) industries is one of our top priorities here at Sciemus. We are delighted that SPS, a highly experienced and well established data management specialist in the energy market, is now bolstering the strength of Sciemus' venture into wind. This represents further vindication of Sciemus' approach to the market and the value that the market places on our technical capabilities."
Sal DellaVilla, CEO of Strategic Power Systems commented: "There is no doubt that with the goal of 20% wind by 2020 or 2030 that the reliability and availability performance of this technology must compete on a level playing field with thermal power plants. This requires effective asset management through operational knowledge and risk mitigation. SPS' ORAP system combined with Sciemus' risk assessment analytics will provide a valued infrastructure for determining the risk profile of this operating fleet. This will provide the opportunity for owner/operators of these assets to be assured of meaningful and substantive insurance to backstop their pro forma goals and performance expectations."
About Strategic Power Systems, Inc.
Strategic Power Systems (www.spsinc.com) is a Reliability Engineering and Information technology company in the energy industry, focused on the collection and analysis of power plant operating and maintenance data. SPS is the leader in establishing current benchmarks of reliability and availability for today's gas and steam cycle technologies through ORAP® (Operational Reliability Analysis Program).