Renew Risk launches earthquake and typhoon models for offshore wind farms in Japan
Renew Risk has launched two pioneering catastrophe models for offshore wind assets in Japan – a typhoon model and an earthquake model. The two models are the first and only commercially available catastrophe models designed specifically for offshore wind farms in Japan – one of the most active regions in the world for natural catastrophes.
Wind power is a growing focus in Japan’s decarbonisation strategy, with cumulative capacity increasing an average 20.4% each year since 2000, and further growth expected with two groups selected for the third offshore wind power round in December 2024.
Renew Risk’s catastrophe models are the first attuned to at-site parameters, offering an unparalleled approach for risk professionals to understand, quantify and manage risk to the country’s offshore wind farms.
Dr Joshua Macabuag, Chief Product Officer and Co-Founder of Renew Risk, said: “The Japanese Government has big plans to grow offshore wind, so it’s important for risk and energy professionals to quantify the portfolio-level risks to those infrastructure assets. With our world-leading team of offshore wind and cat-risk experts, we have delved into the specifics of Japan’s earthquake and typhoon risk to develop the world’s first cat models built specially for the country’s pipeline of assets (including never-before built technologies such as specific floating foundation turbines).”
Japan Typhoon Offshore Wind Farm Model: combines both stochastic and historic event sets in the only catastrophe model for the region to include wave height and wind speed using local calibrations.
Japan Earthquake Offshore Wind Farm Model: Built using detailed physics-modelling, this model is unique in its inclusion of ground shaking, submarine liquefaction and landslide.
For capital and pricing teams, exposure managers, underwriters, developers and investors, Renew Risk’s Japan Earthquake Offshore Wind Farm Model and Japan Typhoon Offshore Wind Farm Model represent a step forward in offshore wind farm risk management for the region.
“Our aim is to enable insurers, lenders and asset developers / owners / operators to reduce uncertainty and enable improved financial and physical planning, building resilience into the energy transition,” added Dr Joshua Macabuag.
The output of Renew Risk’s new models has been validated by a number of industry-leading early adopters. The two Japan models add to the firm’s existing portfolio of renewable energy focussed catastrophe models – US Hurricane, Taiwan Typhoon and Taiwan Earthquake, with future models for additional regions and perils due to launch in coming months.
Innovate UK
Our CEO Ashima Gupta represented Renew Risk in Denver, Colorado as part of a 5-day Clean Energy Global Business Innovation Programme organized by Innovate UK.
It was an incredible opportunity to gain insights into the clean technology landscape in the United States and exchange experiences with other remarkable start-ups and scale-ups from the United Kingdom. Witnessing the strong alignment and cooperation between the two countries was truly inspiring.
Ashima had the privilege of visiting the #NationalRenewableEnergyLaboratory (NREL), a globally renowned research and development facility for energy and meeting with Colorado State Governor #JaredPolis, where she had the chance to showcase Renew Risk. The program also included tour of the Colorado State University and Colorado School of Mines, prestigious academic institutions in Colorado that are fostering and expediting brilliant ideas.
India's offshore wind farm proposal
India's ambitious vision to achieve 30GW of offshore wind capacity by 2030 is a testament to its dedication to renewable energy advancement. A high-level delegation, including representatives from Ministry of New and Renewable Energy (MNRE), Power Grid Corporation of India Limited, and others, visited the University of Surrey. Our Chief Scientist, Prof Subhamoy (Suby) Bhattacharya shared his expertise on opportunities and challenges in offshore wind, fostering collaborative exploration. The exchange emphasized cutting-edge technologies and best practices for a greener and sustainable future.
University of Surrey hosted an important delegation visit from India to discuss collaboration opportunities and benefit from University of Surrey expertise in off-shore wind energy. India has a huge target of 500 giga watts of renewable energy capacity by 2030 and offshore wind will form part of that.
This visit follows the visit to Campus of the Indian Minister for Science and Innovation earlier this year. The delegation included representatives from India’s Ministry of New and Renewable Energy (MNRE), the Power Grid Corporation of India Limited, Central Transmission Utility Ltd, Idam Infrastructure Advisory Pvt. Ltd., as well as UK govt FCDO officials and KPMG India consultants. Discussions focused on opportunities for collaboration in research and consultancy / capacity-building.
The engagement with India's renewable energy agenda aligns well with University of Surrey strategic goals to achieve impact and contribute to solutions to global challenges. India’s renewable energy ambitions also include green hydrogen - another Surrey strength - and there will be more on this soon.
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