Research on Wind Power Project Risk Management Based on Structural Equation and Catastrophe Theory

Suyan Zhao, Xiaopai Su, Jiahui Li, Guibin Suo and Xiaoxuan Meng ()
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Suyan Zhao: School of Management, Hebei GEO University, Shijiazhuang 050031, China
Xiaopai Su: School of Urban Geology and Engineering, Hebei GEO University, Shijiazhuang 050031, China
Jiahui Li: School of Urban Geology and Engineering, Hebei GEO University, Shijiazhuang 050031, China
Guibin Suo: School of Management, Hebei GEO University, Shijiazhuang 050031, China
Xiaoxuan Meng: School of Urban Geology and Engineering, Hebei GEO University, Shijiazhuang 050031, China

Sustainability, 2023, vol. 15, issue 8, 1-17

Abstract: Wind power projects are a crucial step towards achieving the objectives of “carbon neutrality” and “carbon peak” because they can improve the energy crisis and contribute towards environmental pollution reduction. However, the risks of wind power projects cannot be ignored, and the success of the design phase can affect the risks and benefits of wind power projects throughout their life cycle. This paper first proposes causality hypotheses for four types of risk factors in wind power projects: policy, economy, technology, and construction. It constructs a structural equation model for wind power project risk factors and then tests and modifies the model. Then, based on the latent variables of policy, economy, technology, and construction, and the relevant explicit variables, the risk index evaluation system of the wind power project design phase is constructed. The risk assessment catastrophe model of wind power projects is further established, and it is used to evaluate the risk of the K wind power project in the design phase. The risk assessment can identify the overall risk and main risk sources in wind power projects in the design phase and provide countermeasures for effectively controlling risks in wind power projects in China.

Keywords: wind power project; structural equation; mutation model; risk assessment (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:15:y:2023:i:8:p:6622-:d:1122993

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