Academics and researchers at
Aston Business School and the School of Engineering & Applied
Science, are collaborating with Enco Energy Ltd and the Economic
and Social Research Council (ESRC) to create a complete risk management
tool for bioenergy project development. This blueprint is designed to ensure
any new biomass schemes have a rigorous business model in place to ensure
continued success for renewable energy schemes in the UK.
Enco Energy Ltd. is a developer and owner of small-scale biomass
combined heat and power (bCHP) schemes in the UK. Formed in 2007 to exploit the
extensive opportunities in bCHP generation, the Norfolk based company’s unique
business model and extensive experience in the industry has given them a strong
foothold in this rapidly growing sector.
The risk management model (which is being developed by Aston PhD
student Daniel Wright) utilises a ‘fuzzy logic’
approach to increase the efficiency and effectiveness of analysing and managing
the risk inherent in potential bioenergy projects. This process involves a
detailed understanding of a potential project’s viability and risk exposure
throughout its lifetime, to greatly reduce predevelopment time and continued
and future costs. The model is also tailored specifically to bCHP schemes and
incorporates project stakeholder expertise to analyse potential technological,
economic, social, and environmental risks.
Dr Prasanta Dey, principle investigator of the project, said: “The
multiple criteria-based decision support system, will identify risk events,
analyse their effect and help make decisions in every stage of project with the
involvement of concerned stakeholders. This would be a completely new
application of fuzzy multi criteria decision-making tools in the bioenergy
industry. It is an approach which I believe fosters the best possible
opportunity of business success for the developer.”
He added; “Aston Business School’s partnership with Enco emphasises the
benefits of interdisciplinary collaboration and knowledge sharing to excel
performance and leadership in both academia and industry. It is hoped that this
pioneering research project is the first of many with Enco and the vitally
important bioenergy sector.”
Enco Energy Ltd. has been instrumental in
developing the risk management model alongside Aston Business School and
although the model is currently in the design stage, the benefits are already
becoming apparent. Enco’s Chief Operations Officer, Phil Hunt said; “The
research and work in progress will give Enco a strong competitive advantage in
the field of biomass energy system deployment.”
