Risk Assessment

An evaluation of risk under increased uncertainty in order to improve decision making in a changing climate was carried out through the following steps:

1. Review of risk and uncertainty management approaches used in the energy sector; and
2. Integration of risk and uncertainty in decision support tools. A risk management framework, developed by VTT of Finland, according to the emphasis of the industrial partners, has since been tested and applied in various energy sectors (e.g. hydro, CHP, bio, wind, etc.)

The target user group for the tool, which is aimed to be a first step in determining a strategy for identifying potential risks associated with climate change, is decision makers at the plant level in power companies. The qualitative approach is intended to be flexible, and includes supporting tools. While not directly aimed at professional risk managers, the tools can be utilised by laymen as a first step in developing a strategy for dealing with changing weather patterns over the life time of existing and new power infrastructure investments.

For further information, contact
Jari Schabel: jari.schabel@vtt.fi

Here is a full version of the Risk Assessments flyer