The Insurance-Debt Nexus: How risk policy keeps renewable energy bankable

**能源池Re**该项目开创了一种新的金融架构，围绕关键国家基础设施的“可承保性”和“可获得性”。Pool Re成立于1993年，是一家为恐怖主义造成的损失提供最后保险的再保险公司，2016年在气候风险方面紧随其后的是Flood Re。成功的气候缓解可以通过“能源再保险”来加速，在“能源再保险”中，集体自我保险最初由国家支持。最好的风险管理者是资产所有者。因此，与其试图教育保险公司，不如自己做保险公司。除了加强能源安全，这也为消费者节省了资金。被称为OFTO的海上输电所有者是高压输电基础设施的特殊目的工具(SPV)，其中包括出口到岸上的电缆，根据法规，这些电缆在风电场投入运营之前由开发商“分拆”。这些资产通常是高度杠杆化的资产，其中项目融资对6家拥有OFTO的公司至关重要，这些公司负责英国周围的23项实时资产。海上风电索赔价值的大约80%来自电缆损失。在这些成本中，约65%归因于船舶租赁，每天可达100,000至200,000 GB。预计到2030年，全球将铺设近4万公里的海上风电场出口电缆，而到2020年底，这一数字仅略高于7500公里。**挑战**海上风电海底电缆行业的损害成本不断上升，导致保险市场变得更加坚挺，保费增加，条款也更加严格。由于股权内部收益率(IRR)较少受到债务的影响，卖方市场进而导致“银行能力”下降，从而降低了“可投资性”。**解决方案**集体自我保险将使电气故障查找技术能够加强海上风电中出口电缆的预防性维护。目前的依赖于需要证明保险政策回应的“物理损害”，这意味着维修活动通常是以高昂的费用交付的(即在冬季)。互惠银行自行干预的能力将减少租用船只的成本负担。集体采购将使资产管理公司能够储备目前超出其承受能力的节省成本的设备，如万向节。通常相互竞争的组织之间的信息共享将使最佳实践的发展成为可能。只有通过集体自我保险，这些解决方案才能交付。这样做符合公众利益。

**Pool Re for Energy**This project pioneers a new financial architecture around 'insurability' and 'bankability' for critical national infrastructure. Established in 1993 as a reinsurer of last resort for losses due to terrorism, Pool Re was followed by Flood Re in 2016 regarding climate risks. Successful climate mitigation can be accelerated by an 'Energy Re' where collective self-insurance is initially supported by the State. The best risk managers are the asset owners. So rather than try to educate the insurance companies, better to be the insurance company themselves. As well as enhancing energy security, this also saves money for the consumer.**Context**Known as OFTOs, the offshore transmission owners are special purpose vehicles (SPVs) for high voltage transmission infrastructure which includes export cables to shore that are by statute 'unbundled' by the developer of a windfarm before it becomes operational. These are often highly geared assets, where project finance is crucial to the 6 OFTO owning companies that are responsible for the 23 live assets that surround the UK.Approximately 80% of the value of offshore wind claims have come from cabling losses. Of these costs, about 65% are attributed to vessel hire, which can amount to between £100,000 and £200,000 per day. Nearly 40,000km of offshore wind farm export cables are forecast to be laid worldwide by 2030, compared with just over 7,500km at the end of 2020\.**Challenge**An escalating cost of damages in the offshore wind subsea cable sector has led to a hardening insurance market, increasing premiums, and creating more stringent terms. This sellers' market leads in turn to a reduction in 'bankability' which reduces 'investability' since the equity internal rate of return (IRR) is less leveraged by debt.**Solution**Collective self-insurance will enable electrical fault-finding technologies to enhance preventative maintenance of export cables in offshore wind. The current reliance on the need to prove 'physical damage' for the insurance policy to respond means that repair campaigns are often delivered at great expense (i.e. during winter). The ability to intervene at the discretion of a mutual will reduce the cost burden of vessel hire.Collective procurement will allow asset managers to stock cost saving equipment such as universal joints that are currently beyond their means. Information sharing between ordinarily competing organisations will enable the development of best practice. Only through collective self-insurance can these solutions be delivered. And to do so is in the public interest.