Specific risk dimensions in the wind energy field: Case study—romania

Abstract

The wind energy industry has represented one of the main focus points in the case of business and political discussions in the last decade. The wind energy has often been described as the most favorable type of renewable energy source towards a sustainable future in the European Union due to its minimal impact on the environment. However, the associated risks and risk strategies have scarcely been mentioned in these discussions, remaining a subject worthy of attention for scientific literature. The present study aims to research the hampering factors of the wind energy business in Romania and the strategic methods of risk mitigation. The threats of the wind energy sector have been a major concern of the last 2 years in Romania, as the companies in the field have striven to overcome the green certificates subsidy crisis from 2013. By using the Delphi method based on questionnaires and interviews with 26 experts in the field, the current paper offers an overview of the most significant risks that have been associated with wind energy and of the risk mitigation strategies. The study revealed major threats in the case of political and regulatory risks and the risks associated with the authorization phase of wind energy projects. The relevance of the study lies in the correlation of the risks and risk mitigation strategies of the wind energy companies and the legal and economic environment in Romania that has brought adverse shift in the development of the wind energy field in the last year.