Date:

Unlocking projects critical to the success of Britain's renewable energy objectives

Industry specialists discuss unlocking projects critical to the success of Britain's renewable energy objectives

On 16th July at DWF's Liverpool Office during the International Festival for Business (IFB), DWF and JLT Brokers brought together industry participants, the insurance sector, Government, key trade representative bodies, port authorities, ship builders, and technology experts to discuss unlocking projects critical for Britain’s renewable energy objectives.

This seminar discussed British energy policy which is in a key transformational stage. As part of the IFB, the seminar attracted significant industry participants, the insurance sector, Government, key trade representative bodies, port authorities, ship builders, and technology experts. The location of Liverpool, in the heart of some of the UK’s current and future renewable projects, was extremely complimentary to the discussion.

The presentation included 'Top ten insurance best practice pointers' and 'Five checkpoints to know if you are protecting your technology developments'. If you would like more information, please download the 'Assisting in the Bankability of Energy and Renewable Projects' presentation.

A focus on finance and insurance

This event looked at the development of Britain, Ireland and European low carbon obligations. There was a particular focus on what the key components are in the financial and insurance sectors for unlocking the important projects which will enable Britain to meet the Kyoto Protocol targets.

It also looked at the importance of smart grids and interconnectors to acquire surplus energy from European neighbours.

A review of risk and reflections on the Electricity Capacity Market consultation

The panel of speakers discussed the projects that have been initiated in the UK and surrounding countries and looked at how the risks associated with those projects can be reduced by the use of enhanced technology and the transfer of risk to the insurance market. The panel analysed how that, in turn, can enable industry to draw down the critical finance required to achieve the low carbon targets, and subsequently create the necessary infrastructure and jobs in the UK.

The speakers and panellists also reflected on the recent Government consultation with the Department of Energy & Climate Change and the Treasury. The consultation was in respect of the Electricity Capacity Market, and the changes that have ensued following DWF & JLT’s advice regarding insurance and contractual problems with the initial draft framework.

Seminar summary and speakers

In summary the seminar discussed:

  • Offshore and tidal energy – technological and risk challenges/ availability of insurance products.
  • The transferability of risk in order to release project finance in the electricity capacity market.
  • The availability of international energy markets, with capacity to support the UK with a focus on smart grids and interconnectors.
  • The transformation of existing infrastructure to support low carbon energy projects such as facilities in the Port of Liverpool Dock and Belfast Lough, amongst others.
  • The requirement for certainty in the political arena on a cross-party basis to enhance the viability of these projects.

The speakers were as follows:

  • Chris Shirling-Rooke, Mersey Maritime
  • Barbara Vest, Director of Generation, Energy UK
  • Paul Mason, Senior Associate, DWF LLP
  • James Green, Renewable Energy Practice Leader, JLT Specialty Limited
  • Sarah Helm, Senior Associate, Cambridge IP Ltd
  • Brendan Barry, Manager, ESB Innovation
  • Paul Lennon, Head of ESB Renewables
  • Christopher Ryan, Partner, DWF LLP
  • Michael Kingston, Partner, DWF LLP (Moderator)

For more information, please contact Michael Kingston.

This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.

Michael Kingston

Partner

I am a Partner specialising in dispute resolution at DWF. I have considerable experience in international dispute resolution representing clients in various court proceedings and arbitration bodies.