Risk Management in Photovoltaic Energy Projects: A Portugal Case Study

• Published in: Procedia computer science 2024, Vol.239, p.1935-1941
• Main Authors: Rocha, Francisco, Barros, Teresa, Fernandes, Gabriela
• Format: Article
• Language: English
• Subjects: Energy Projects; Project management; Risk Management
• ISSN: 1877-0509; 1877-0509
• DOI: 10.1016/j.procs.2024.06.377

Energy sources and the overall energy system are currently experiencing significant instability. The combination of high demand and reduced supply results in the emergence of new sources of risk throughout the entire value chain. To the best of the authors’ knowledge, there is a limited literature focusing on risk management in energy projects, particularly in the context of photovoltaic energy projects. Consequently, a risk management methodology tailored to the specific requirements of a photovoltaic energy project was developed and implemented. This project entails the installation of a photovoltaic plant in the North of Portugal, with the goal of utilizing solar energy to generate 547,500.45 KWh of clean energy per year. Although the company responsible for the project already adhered to certain risk management guidelines, no formalized process has been previously implemented. An action-research approach was employed. Concurrently with the project’s development phase, a Risk Management Plan was created, and all the supporting documents were integrated, including a Risk Register, a guide for progress meetings, and a record of lessons learned. The findings revealed that risk monitoring and control enabled better control of the project execution processes, adherence to various project schedules, effective risk management by maximizing positive impacts and minimizing negative ones, the facilitation of agile decision-making, and the recording of lessons learned regarding the risk management process. Additionally, an unexpected outcome emerged from the research - the importance of communication among teams involved in risk management. This research has made significant contributions towards improving the management of photovoltaic energy projects by developing processes, methods, and templates specifically tailored to these unique projects. These findings can be utilized in future projects with similar characteristics, enabling more efficient and effective risk management.