IEEE Power & Energy Magazine - September/October 2014 - 34

Risky Business
By Maria Mendiluce

T

The evidence of human-induced climaTe change
grows stronger with every scientific report. While action to mitigate
rising temperatures is increasingly urgent, it is also essential to consider how to adapt to the consequences of global warming. The longterm investment horizons used in the electricity industry require an
early risk assessment for its assets. electric utilities must prepare to
maintain supply in the face of different weather patterns and more
frequent extreme weather events, as confirmed by the Fifth Assessment Report of the intergovernmental Panel on climate change..
members of the electric utilities project of the World Business council on Sustainable development (WBcSd) have recently published
a report, "Building a Resilient Power Sector," to share their learning
and understanding of best practices in increasing the resilience of the
power sector (see www.wbcsd.org/resilience.aspx). This report contributes to WBcSd's action2020 climate change business solutions
for resilience (see "WBcd's action2020 framework").
The companies represented in the WBcSd electric utilities project-
aBB, clP, dnv gl, edf, entergy, eskom, hitachi, and Statkraft-
are convinced that all utilities need to develop adaptation and resiliency
strategies (see "definitions"). The necessary measures depend on the
local circumstances of each asset and utility. assessing a risk-mitigating portfolio of options includes understanding the level of risk,
the cost of adaptation measures, and the internal and external benefits
they provide.
The risks we face are complex and depend on factors as diverse
as the socioeconomic characteristics of a given market to local and
regional climatic and geographical conditions. While uncertainty is
Digital Object Identifier 10.1109/MPE.2014.2331892
Date of publication: 18 August 2014

image licensed by ingram PUblishing

34

ieee power & energy magazine

1540-7977/14©2014IEEE

september/october 2014


http://www.wbcsd.org/resilience.aspx

Table of Contents for the Digital Edition of IEEE Power & Energy Magazine - September/October 2014

IEEE Power & Energy Magazine - September/October 2014 - Cover1
IEEE Power & Energy Magazine - September/October 2014 - Cover2
IEEE Power & Energy Magazine - September/October 2014 - 1
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IEEE Power & Energy Magazine - September/October 2014 - Cover3
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