Project developers, insurers, financiers, and maintenance organizations have an interest in quantifying technical risks and evaluating risk mitigation alternatives for combustion turbine (CT) power plants. By identifying exposure to risk early in the project development process, optimal procurement decisions, and mitigation measures can be adopted for improved financial returns. This paper describes a methodology used to quantify all nonfuel O&M costs, including scheduled and unplanned maintenance, and business interruption costs due to unplanned outages. The paper offers examples that demonstrate the impact of technical risk on project profitability. An overview of activities required for addressing technical risk as part of the equipment selection and procurement process is provided, and areas of technical improvements for reducing life cycle costs are described.
Technical Risks and Mitigation Measures in Combustion Turbine Project Development
Contributed by the International Gas Turbine Institute (IGTI) of THE AMERICAN SOCIETY OF MECHANICAL ENGINEERS for publication in the ASME JOURNAL OF ENGINEERING FOR GAS TURBINES AND POWER. Paper presented at the International Gas Turbine and Aeroengine Congress and Exhibition, New Orleans, LA, June 4–7, 2001; Paper 2001-GT-472. Manuscript received by IGTI, Dec. 2000, final revision, Mar. 2001. Associate Editor: R. Natole.
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Grace, D., and Scheibel, J. (December 27, 2002). "Technical Risks and Mitigation Measures in Combustion Turbine Project Development ." ASME. J. Eng. Gas Turbines Power. January 2003; 125(1): 228–235. https://doi.org/10.1115/1.1496771
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