A STUDY ON RISK MITIGATION MEASURES FOR DEVELOPMENT OF POWER PROJECTS IN INDIA
Abstract
Economical growth and Infrastructure development are synonymous and inter-dependant. The teething problems of setting up infrastructure in developing countries have been extensively dealt with in literature across the world. Electricity is one of the vital input for economic development. However, several hindrances and risks continue to plague such a key infrastructure requirement. The risk occurrence needs to be reduced or minimized to an acceptable level and taking advanced action in order to eliminate and mitigate the risks before they occur is imperative. A study has been carried out for identifying the critical risks and risk mitigation measures in power project development in India. The study analyzed the perceptions of power sector professionals and other key stakeholders. Good quality management, skilled project management and completion of land acquisition in early stages of the project were identified as the top risk mitigation measures in power project development. The analysis also concluded that there is no difference in perception of the importance of a risk mitigation measure based on position in the organization, number of years of experience, educational qualification and field of working i.e, coal based projects, gas based projects or renewable energy projects.