(Reuters) – Munich Reinsurance Co. The goal is to cover 1 gigawatt of wind power capacity this year with a new insurance product that enables turbine operators to secure against revenue losses from volatile wind speeds, a project manager said on Thursday.  The German reinsurance claims that its product is unique because it uses a local machine to track real-time wind power production, unlike similar products that rely on satellite imagery or weather station forecasts, and will also cover still built facilities that do not need to build. up a performance story first.
"We have just launched the product, we see great interest and hope to assure ourselves of 1 GW this year worldwide (of existing and new wind power capacity)," project manager Ronny Bendlin Spuer told Reuters on the side of E-World fair in Essen, Germany.
"We are already hoping to conclude a deal during the first half of 201
Germany has 53 GW of wind power on land and 6 GW offshore but it will increase significantly when the country switches to renewable energy sources and stops coal burning for power before 2038
Munich Re competes with Swiss Re Ltd. and Nephila Capital / Allianz SE to provide wind power insurance in Europe, Australia, USA and Asia.
The new product will allow operators to build insurance cover against fluctuations in production, in addition to guarantees for equipment manufacturers and property insurance.
"It will help ensure more even cash flows, thereby improving project accountability," said Mr. Bendlin Spuer.
He would not set costs and savings for customers, saying that it was very much project dependent.
Wind derivative products on European exchanges have not taken off because there is no standardized, one-size-fits-all response to individual manufacturers' dilemmas. 19659002] Large wind power operators can spread risks across locations at low wind times, when individual operators struggle.
Munich Re, which reported a sharp decline in fourth-quarter earnings on Wednesday following a host of natural disasters, expects hedging and a similar product may eventually be launched for solar energy producers.