Welcome Patrick Wiemann

6 October 2008

Patrick Wiemann
Patrick Wiemann

Patrick Wiemann is a graduate engineer in the field of Industrial Engineering from the University of Karlsruhe, Germany.

Since 2006 he has worked in the field of renewable energy research, obtaining a Master`s degree and currently undertaking a PhD at the University of Southampton in the United Kingdom. His research interests include the development of risk and uncertainty management models to analyse uncertainties for different energy converters in the renewable energy market. The work conducted so far has resulted in the publication of 3 contributions to conference proceedings since 2006.

Patrick will be working with Li Liu over the coming months on a project entitled Simulation of the Effects of Uncertainty on the financial Value of Renewable Energy Projects

The research simulates the effects of varying the level of uncertainties on the financial value of renewable energy projects to develop investment strategies including scaling, selecting, timing and sequencing for maximising the project`s value. The research uses real options theory and numerical methods to evaluate uncertainties, for example climate, technical or regulatory risks. Furthermore, the research intends to extend real options theory regarding the incorporation of flexibility in the technical choice of design components of renewable energy technologies, for example blade or generator design.

The results will allow management and designers to develop strategies for the effective management of uncertainties.