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OEUK report: new opportunities and risks in offshore wind

Commenting on the implications of the recent Offshore Energies UK (OEUK) report calling on the government to speed up production approvals and facilitate a rapid expansion of offshore wind, James Petrie, Director of Fixed Premium for the UK P&I Club’s Charterers and Offshore team, 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.

“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.

“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 & safety initiatives, and we are very excited to see how the future of wind develops.”
Source: UK P&I Club

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