Risk identification and risk analysis can not only be performed on component or system level, but also for a comprehensive technical project such as a (nuclear) power plant.
3.2.1 Risk context
Since many years, no new nuclear power plant has been constructed in USA. However, in near future, decisions have to be made which types of power plants will reset the nuclear power plants which have to be shut down in the next ten years. Thus, for a new project the resulting risks have to be evaluated.
The risk context is determined by the electricity market, the license, the technical aspects of the design, the construction of the plant, the operation of the new plant as well as the financing of the project.
3.2.2 Risk identification
On the background of this context, a potential operator has to take into account the following risks:
− Licensing risks: will the plant be licensed in a predictable time schedule or will this be a longer procedure, which strongly influences the start of the commercial operation.
− Design risks: is the plant completely designed before construction or are surprises to be expected which lead to cost- intensive changes of the plant and delay of the construction period.
− Technical risks: will the plant behave as planned or will unknown technical problems lead to shut down and thus fail the projected goals.
− Cost risks: will the plant to more expensive as planned and the chances in the free electricity market reduced.
− Timeschedulerisks:willtheplantstarttheproductionatthescheduledtimeorhavedelays to be expected.
− Finance risks: which possible uncertainties have to be taken into account by investors with respect to the new project, e.g., how is the public acceptance of a new nuclear power plant.
3.2.3 Risk analysis
In a specific case, General Electric has analysed the risk of constructing a new plant in the following manner:
− License risks: the new reactor type has been developed in accordance with current nuclear safety standards and is already certified site-independently by the US licensing authority. Moreover, this type of reactor has already been licensed in Japan, where two plants are running successfully since five years.
− Design risks: the reactor type is completely planned with all necessary drawings. Material and costs are exactly known.
− Technical risks: the plants constructed in Japan have a total operating time of ten years with a high availability.
− Finance risks: main problem is the financing of a new nuclear power plant project because of experiences in the eighties with construction times up to 15 years.