| In the past ten years since the national "One Belt,One Road" initiative was put forward,in the face of a saturated domestic power market,China’s power companies have given priority to overseas investment and construction,with numerous power station projects blossoming in Southeast Asia,South Asia and Africa.As the power industry is a technology-intensive and capital-intensive industry,its own investment cost is high and the cycle is long,while the overseas market,policies and environment are more complicated than the domestic ones,the risks and benefits after its commercial operation always go hand in hand.In order to ensure the normal operation of overseas power projects and to guarantee the project revenue to reduce the project loss,it is crucial to focus on the project risk management for the operation of the enterprise.SW Thermal Power Station is an energy project jointly funded by state-owned enterprises and private enterprises under the "China-Pakistan Economic Corridor",which has now completed its investment and entered into commercial operation.However,due to the turbulent political and economic environment in Pakistan,changes in international coal prices,as well as inadequate internal management,rapid staff turnover and difficulties in electricity tariff recovery,there are many risk factors affecting the safe production and operation of the SW thermal power plant project.Therefore,how to adopt effective measures to deal with these potential risk factors and how to ensure the implementation of project risk management is a top priority in the project unit’s operation and management process.After studying the theoretical research on overseas investment,risk identification,risk analysis and risk response,10 experts were first identified by the expert survey method in accordance with the risk management process,which resulted in five categories of external environment,financial management,production and operation,safety and security and daily management,covering political and economic situation risk,exchange rate risk,capital risk,fuel risk,procurement risk and 14 specific risk factors.The risk factors identified include: political and economic situation risk,exchange rate risk,capital risk,fuel risk,procurement risk and 14 other specific risk factors.The project risk factors identified were then evaluated using hierarchical analysis,resulting in a weighting of0.4411 for external environment,0.2896 for financial management,0.1628 for production and operation,0.07 for safety and security and 0.0365 for daily management.The external environment risk accounts for the largest proportion of the overall project risk,and the political and economic situation risk(with a weight of 0.238)is the highest among the external environment risks.Based on the above analysis and research,the risk classification is based on the four response methods of risk transfer,risk avoidance,risk retention and risk mitigation to propose different risk response measures for the risk factors of SW thermal power station.It also proposes measures to improve the risk management of SW thermal power plant projects in six aspects: establishing a sound risk management system,applying risk transfer measures scientifically,strengthening cooperation and communication with similar enterprises and the government,employing professional organisations to guide project operations,adhering to the strategy of localising the project body and focusing on the training of international talents. |
