James Petrie (UK P&I Club): “Projects under time pressure carry with them a heightened risk of accidents and human error” (source: UK P&I Club)
Speeding up approvals for offshore wind projects – as sought by Offshore Energies UK and more recently the government in its recent Growth Plan – will bring many benefits but needs to be carefully managed, says the UK P&I Club
Commenting on the implications of a recent Offshore Energies UK (OEUK) report calling on the government to speed up production approvals and facilitate a rapid expansion of offshore wind, UK P&I Club director of fixed premium, charterers and offshore team James Petrie said he believes there are opportunities as well as risks of having accelerated processes.
“The recent OEUK report that has called for greater streamlining and faster processes in the offshore energy space is extremely timely given the current focus on the cost of energy. There are significant positives to pushing ahead with the expansion of offshore wind, not least for the environment, and it will carry with it huge opportunities for the many UK companies involved in this sector,” said Mr Petrie.
“In the relatively short life span of offshore wind to date, we have seen significant advancements in the technology employed, for example, larger turbines are now being installed to maximise energy capture in some fields, reducing the number of turbines and seabed cables required, allowing more efficient installations and achieving economies of scale.
“A further benefit is that larger turbines require modern vessels which in turn are harnessing new technologies such as alternative fuels, batteries and energy-saving technologies including solar panels, reducing overall emissions throughout the supply chain.”
However, Mr Petrie cautioned, “From a marine insurance perspective, we are obviously conscious that as projects are placed under time pressure to complete, they carry with them a heightened risk of accidents and human error.
“There is no doubt that the insurance market has become increasingly sophisticated in the provision and scope of cover on offer to cover these risks – which includes additional legal services and loss prevention and safety initiatives – and we are very excited to see how the future of wind develops.”
Riviera Maritime Media has a comprehensive conference programme for the rest of 2022 and will provide free technical and operational webinars in 2023.
