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    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Risk Assessment In Latin American Renewable Energy Sector

    Global Concerns Over Chinese Control In Clean Energy Supply

    Green Energy Targets Take A Beating Due To Supply Constraint

    COVID-19 crisis reinforces the importance of the sustainable energy transition

    19 EU Life – Funded Projects Unite For Sustainable Energy

    Engaging Consumers In The Energy Transition For Net – Zero

    Engaging Consumers In The Energy Transition For Net – Zero

    Norway to invest in renewable projects in developing countries

    2032 To See 80% Surge In Clean Energy Workforce of Singapore

    ESMIG Advocates For Interconnected Systems In Smart Energy

    ESMIG Advocates For Interconnected Systems In Smart Energy

    South Sudan to Complete Juba Power Grid by March 2020

    IUCN And RGI Partner To Advance Sustainable Energy Grids

    EU Nations Take Stand Against Treaty Impeding Climate Action

    EU Nations Take Stand Against Treaty Impeding Climate Action

  • Market Moves
    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    EVENT: IEC Standardization leaders convene in Amsterdam to review utility interworking of IEC 61850 for Substations, IEC CIM for Control Centers, and IEC 62443 for OT Cybersecurity

    CWIEME Berlin attracted thousands of visitors to Messe Berlin

    CWIEME Berlin off to a stellar start

    Introducing the CWIEME Advisory Board for 2023

    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

    TECO 2030 Starts Manual Production of Fuel Cell Stacks

    TECO 2030 Starts Manual Production of Fuel Cell Stacks

    Sustainable energy: industry get-together at hy-fcell

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Risk Assessment In Latin American Renewable Energy Sector

in News, Renewable Power

Renewable energy technologies like wind, hydro, solar, and battery energy storage systems (BESS) are leading the global shift toward clean energy. The US and Latin America are experiencing significant progress in these technologies driven by geopolitical and economic trends. As per insights, the demand for electricity is projected to nearly double from 1,295 TWh in 2020 to 2,282 TWh in 2040, posing challenges for some regions. This article explores the latest advancements in solar, wind, hydro, and BESS technologies while addressing the issues of insurability and risk perception in the renewable energy sector.

Wind energy, both onshore and offshore, is rapidly expanding worldwide. The East Coast of the US has seen substantial growth in offshore wind projects due to streamlined permitting processes and improved grid integration. Similarly, Latin American countries such as Brazil, Argentina, and Mexico are tapping into their wind resources through government auctions and private investments. Community wind projects and hybrid installations are also gaining traction. While Europe and Asia are leading in offshore wind development, Latin America is still in the early stages. Offshore wind farms require consistent energy policies and investment in transmission infrastructure to fully realize their potential in the region.

Solar power is booming globally due to falling costs and supportive policies. In the US, utility-scale installations, community solar initiatives, and commercial rooftop systems are driving substantial growth. LATAM countries like Chile, Mexico, and Brazil are also experiencing remarkable solar capacity additions, supported by regulatory frameworks and programs. However, hail and weather-related risks pose challenges to solar farms, and the region needs to develop transmission infrastructure to meet growing energy demand.

Battery energy storage systems (BESSs) play a crucial role in addressing the intermittency of clean energy sources. The US is experiencing a surge in utility-scale BESS installations due to declining costs and state-level energy storage mandates. Latin American countries like Chile, Mexico, and Argentina are also implementing energy storage projects to enhance grid stability, support renewable integration, and improve energy access in remote areas. However, the risk of thermal runaway in lithium-ion batteries poses a significant challenge to the integrity of BESS installations. Insurance coverage needs to consider these risks and develop specialized solutions accordingly.

Hydroelectric power growth in Latin America is relatively low compared to other regions, with a projected reduction in development between 2021 and 2030. Associated risks with the construction and operation of hydroelectric plants, such as quality issues and natural catastrophes like flooding, need to be carefully evaluated and re-evaluated.

Insurance Coverage and Risk Reduction

As renewable energy projects expand, specialized insurance coverage is required to manage technology risks, natural disasters, business interruption, liability concerns, cybersecurity threats, and regulatory changes. Early assessment of asset-specific risks and the involvement of insurers can help optimize premium costs. Offshore wind, solar, BESS, and hydro projects each have specific risks that insurers must address through tailored coverage options and collaboration with industry stakeholders and governments.

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