Project Aqua Risk Assessment

The RISQUE method was used assist selection of a preferred delivery method, to derive a risk-based project contingency and for inputs to a project risk management system.

Project Aqua was a $1.2 billion proposal by Meridian Energy for a 64 km long canal-based hydroelectric scheme on the lower Waitaki River. Lane Associates was engaged to undertake a quantitative risk assessment to:

i) Identify the key, high-level technical, commercial, and environmental risks associated with a range of project delivery methods for the purpose of ascertaining the preferred delivery option

ii) Estimate a rationally-derived project contingency including project uncertainty and risk

In addition to the above, the process improved the project team's overall understanding of the key project drivers and the interdependencies between the different disciplines, and through the study identified several important issues that the workstream leaders noted for prompt action outside the risk assessment process.

The overall benefit of the risk assessment process is that it enables targeted management of a project's potential downside risks through the development of a cost-effective risk reduction strategy which in turn improves the project owner's ability to maximise upside opportunities that occur during the project life.

Photo by Thomas Seifried, sourced from Google Earth

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