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Systemigrams for PESTEL Analysis of an Offshore Windfarm System

Authors:
Yayun Chen
Mo Mansouri

Keywords: system thinking; PESTEL Analysis; Systemigrams; offshore wind farm; Faroe Islands

Abstract:
As energy transition is ongoing, many companies are looking for new opportunities in new markets. Offshore windfarm systems, especially those with large-scale hydrogen storage functions, have become an important part of the global energy transition. Companies often use PESTEL (Political, Economic, Social, Technological, Environmental and Legal) Analysis to get a macro picture of an industry environment when deciding whether to join an opportunity. However, the PESTEL Analysis analyzes each aspect one by one, often missing their interdependencies. This makes it more difficult to discover all relevant factors; moreover, the results of the PESTEL perspectives may not be well integrated. In this paper, the authors use Systemigrams as a tool to integrate the individual perspective from PESTEL aspects into a holistic understanding of an offshore windfarm system for Faroe Islands. Using this tool, management can gain a comprehensive understanding of a renewable energy system for the Faroe Islands that will inform their decision on whether to bid for the project.

Pages: 30 to 33

Copyright: Copyright (c) IARIA, 2022

Publication date: April 24, 2022

Published in: conference

ISSN: 2308-4243

ISBN: 978-1-61208-941-6

Location: Barcelona, Spain

Dates: from April 24, 2022 to April 28, 2022