GCube Insurance’s Post

I think you will find that cable damage has been the leading cause of loss in the offshore wind market since turbines started to be installed offshore. I personally handled claims for cable damage a long time before 2014. The warning signs regarding how expensive these claims can be were there then.

The article suggests and confirms the wind industry has a turbine quality problem. When it’s so glaringly obvious how do risk managers and insurers react? Analysis by Wood Mackenzie illustrates that larger the turbine the bigger the warranty claims as a % of revenue. It’s safe to say this isn’t a surprise given profitability challenges at a number of major OEMs. Insurers will be taking the brunt of the quality issue and must continue to push back on the OEMs.

What a really interesting article highlighting subsea cables as 'the arteries of offshore wind, critical to the beating heart of our energy transition.' This makes their reliability critical to all of us - whether that's as professionals working in the industry, or as individual consumers of energy on a daily basis. OceanIQ can help to take any risk and guess work out of planning for cable installation and for their long-term security with thorough support in desk-based analysis, utilising our unique fault prediction modelling and decades of knowledge in the subsea industry. https://lnkd.in/eyDreVUG

Welcoming DNV as returning Gold Sponsor & Exhibitor! Don't forget to visit their team in booth 904/905. DNV uses their industry-leading advisory expertise to enable the optimization of offshore wind projects. They believe success relies on understanding the dependencies between stakeholders across the offshore wind value chain – this is why DNV takes a full lifecycle approach to support risk mitigation and project return on investment. Together with their partners in the industry, they focus on bringing best practices to the earliest stages of a project’s lifecycle. The DNV team of experts actively contributes to the development of industry standards, software empowering the world’s professionals to accelerate the energy transition, and the sustainable use of the ocean within the North American market. DNV's involvement in Joint Industry Projects (JIPs) further reinforces their dedication to shaping and implementing Floating Offshore Wind (FOW) industry best practices. #floatingwind #offshorewind #renewableenergy #maritimeindustry

Why non-price factors in CfD allocation are only part of the solution to promoting a robust North Sea wind industry👇:   Assessing whether the price-only CfD has been a success or a failure depends on one’s understanding of the original policy intent. “If the objective was to procure power at the cheapest possible price, it was a resounding success. If it was to foster a thriving domestic industry, it clearly hasn't done that,” a senior wind industry executive tells E-FWD.   The government is exploring whether to allocate CfDs according to non-price factors. A step in the right direction, but timing is everything as we explore in our latest in-depth feature: https://lnkd.in/evdKwYZR  Are you one of energy’s forward thinkers? Learn how to get more insight like this by visiting: http://efwd.energy/ #northsea #cfd #offshorewind #efwd

These new factsheets to help the supply chain think about requirements around floating offshore wind are a really useful resource.

Scottish Enterprise and its partners have released informative fact sheets, with a primary focus on floating offshore wind projects, targeting supply chain companies. The sharing of such information within the industry is becoming increasingly crucial, as highlighted by recent WindEurope data that shows a record-breaking 4.2 GW of new offshore wind capacity installed in Europe in 2023. Additionally, there is an expectation to build around 5 GW annually over the next three years. This surge underlines the growing opportunities and the need for skilled supply chain companies in the rapidly expanding renewable energy sector. 🚀 🌊Follow us for more insights and regular updates in the offshore wind sector https://www.marin-ai.com/ #offshorewind #floatingwind #renewableenergy #offshorewindfarm

Scottish Enterprise, Highlands and Islands Enterprise, and South of Scotland Enterprise commissioned BVG Associates to produce a number of fact sheets on different aspects of some fixed but mostly floating offshore wind projects. They provide background information for companies wishing to enter the offshore wind supply chain. The downloadable factsheets are now available on the link below. They help Scottish manufacturing and fabrication supply chain companies better understand the opportunities related to the supply of selected components from the offshore wind sector. #offshorewind #scotland #supplychain https://lnkd.in/eRxHex3x

I'm just off a fascinating call sponsored by the Offshore Renewable Energy Catapult in the UK proposing a mutual between the UK Offshore Transmission Owners. (The entities that bring power from offshore generating stations like wind farms to the onshore substations.) One challenge they have been facing is that Ofgem requires LEG3 coverage (which roughly costs the full cost of repair, just not of upgrades or improvements). However, insurers have been hesitant to write higher than LEG2, which makes the insured responsible for the cost of repairing defects (the bulk of the repair cost for offshore cables). Moreover, between arguing with insurers, finding repair equipment and supplies, and actually doing the repair in an acceptable weather window, offshore cable repairs take too much time, incurring large losses (> 100 million GBP/year) in operational interruption. The proposed solution: form a club (a mutual) to cooperate in cable repair, analogous to something like the AA in the UK and AAA in the US. Have spare cables and a boat or two always ready to go. Do preventative maintenance. The main role for commercial insurance then comes in covering tail risk through reinsurance.

🌊⚡ Industry Landmark: First-Ever "Tow-to-Port" Component Exchanges at Floating Offshore Wind Farm! 🚢 An interesting first look at the "tow-to-port" strategy for floating O&M at Kincardine Offshore Windfarm. In 2022, we saw the world’s first "tow-to-port" major component replacement at KIN-03. This summer a second replacement followed at KIN-02. Key Insights: The second “tow-to-port” saw a 36% decrease in time spent on the towing back and forth from the port, the repair in port and the main on-site activities. The reduction in time spent occurred despite using a similar four-vessel marine spread. Improvements were seen across the operation for both the towing duration and the disconnection and re-connection of mooring lines and dynamic cables. Reach out to our project manager Lars-André Bugge Tobaben for more details on the marine spread, durations of key activities and more. Note: The analysis is based on AIS data and outlines durations for key activities only. These activities include the disconnection from cables and moorings, tow to port, component exchange in port, tow back to site and reconnection of cables and moorings. The tow-to-port operation at KIN-03 has been reported to face several challenges, among other supply chain and port-related issues. #OffshoreWind #RenewableEnergy #SeaImpact #FloatingWind