Browsing by Subject "offshore wind projects"

Offshore wind has received heightened attention in recent years, both from regulators as well as developers eager to participate in the European electricity market. At the regulatory level, wind offers partial independence from traditional energy sources as well as contributes to meeting commitments given pursuant to the European Green Deal and the Paris Agreement. Concurrently, at the market level, developers are eager to find a profitable commercial model for offshore wind parks, graduating annually to bigger and more powerful turbines and deeper water depths. While the market is facing pressure to speed up development, it is being hampered by lack of contracting solutions available for such offshore construction projects. Various templates exist, such as the FIDIC model forms developed for onshore construction projects, and the IMCA and LOGIC standard forms meant for offshore works. However, none of these has been specifically developed for EPCI model offshore construction project and consequently, there are potential pitfalls that may challenge the efficiency of having used a standard form contract to begin with. This thesis considers the role of standard form contracts within the wind industry generally and the efficiency they can offer when used correctly. At the core, they facilitate efficient exchanges in the market. However, should they be used incorrectly, the rationale for their utility is challenged. This thesis takes a closer look at FIDIC Yellow Book, an onshore construction contract model, and highlights a number of areas that need further consideration before it is adopted on a large scale by the wind industry.