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Die Bundesregierung möchte den Ausbau der Offshore-Windenergie vorantreiben, da diese eine wichtige Stütze der Energiewende darstellt. Der vorherrschend stetige Wind in der deutschen Nord- und Ostsee hat das Potenzial, konventionelle Kraftwerke durch CO2-freie erneuerbare Energie zu ersetzen. Kritisch für die Realisierung eines Windparks auf See sind jedoch die Risiken. Die Vorteilhaftigkeit einer Investition in einen fi ktiven Offshore-Windpark wird in Abhängigkeit der damit verbundenen Risiken diskutiert und quantitativ fundiert. ; One of the main obstacles to the realisation of offshore wind investments are the potential risks. For a German offshore windpark, these risks are quantified here, and an overall value at risk has been computed using a Monte Carlo simulation. The results confirm the major contribution of construction cost overruns, wind availability on the variance of the overall risk position and the importance of quantitative risk management in project financing.

Die Energiewende verläuft langsamer als geplant. Offensichtlich bleiben private Investoren zurückhaltend, obwohl das Zinsniveau niedrig ist, politische Zugeständnisse bei der Risikoverteilung gemacht wurden und erhebliche Fördersummen insbesondere über das Erneuerbare-Energien-Gesetz fließen. Am Beispiel von Offshore-Wind-Projekten werden mithilfe einer Sensitivitätsanalyse investitionsspezifische Risiken erfasst und Möglichkeiten aufgezeigt, wie die Investitionsbereitschaft erhöht werden kann. ; The German Energiewende is progressing more slowly than intended. Despite of high feed-in tariffs, private investors remain autious due to the risk profiles, especially in offshore wind. Sensitivities of DCF-based investment models confirm material risk impact, especially from lower wind availability and construction cost overruns. Political focus on the timely grid connection of regional feed-in tariff differentiation may not address investor needs, with the result that this will remain costly. The forthcoming updates to the renewable energy law should seek to mitigate wind availability risk; ease contributions from insurance companies, pension funds and private equity; and support financial innovation.

Education is a major focus of the German government and is (regarded as) the basis for (technology-oriented) economic development. Approx. 133,4 billion € were spent on education in Germany in 2017. At a first glance this seems to be a positive trend, but not every student can fulfil their schools' requirements independently. Therefore, many students need the support of private tutoring which is available by local providers as well as by independent online programmes offering proprietary content. But the requirement to attract more capital prevails and new start-ups could help reduce the percentage of providers operating in the grey market.