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Risk Management in the Energy Sector
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Risk Management in the Energy Sector

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "F: Electrical Engineering".

Deadline for manuscript submissions: closed (1 July 2022) | Viewed by 22982

Special Issue Editors

Prof. Dr. Danijela Miloš Sprčić

E-Mail Website
Guest Editor
Faculty of Economics and Business, University of Zagreb, 10000 Zagreb, Croatia
Interests: enterprise risk management; strategic management; corporate finance; investment risks; financial risks; project risks; risks in energy sector
Prof. Dr. Hrvoje Pandžić

E-Mail Website
Guest Editor
Department of Energy and Power Systems, Faculty of Electrical Engineering and Computing, University of Zagreb, 10000 Zagreb, Croatia
Interests: power markets, smart grid, optimization and control
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The aim of this Special Issue, entitled “Risk Management in the Energy Sector”, is to explore, analyse, and discuss the most significant risks impacting the energy industry, as well as the traditional and contemporary methods and strategies of risk measurement and management. The traditional risk management (TRM) approach is used with isolated risks. However, increased complexity and uncertainty associated with the global financial crisis, environmental changes, the geopolitical situation as well as the COVID-19 pandemic have created the need for a comprehensive strategic approach to risks called integrated or enterprise-wide risk management (ERM). ERM is a process that systematically and comprehensively identifies and quantifies different types of risks and manages them effectively to create value for all stakeholders and achieve short-term and long-term goals. The energy sector is no exception here. Due to continuous innovations as well as a dynamic industry structure and environmental changes, the energy sector is exposed to many different risks that are mutually interdependent.

In this Special Issue, we are specifically interested in the following areas of risk management in the energy sector:

  1. Enterprise risk management in energy companies
  2. Investment and operation risks for energy companies
  3. New technology risks (electric vehicles, stationary storage, and demand response)
  4. Risks related to new technology acceptance
  5. Risks related to energy markets
  6. Environmental, geopolitical, and regulatory risks in energy systems
  7. Digitalization, cybersecurity, and privacy protection in energy systems
  8. Natural disasters and resilience of energy systems
  9. Development of qualitative and quantitative methodologies for risk measurement
  10. Risks related to nuclear safety
  11. Effects of the COVID-19 pandemic on power system operation and security of supply
  12. Dual nature of risk—converting strategic risks into growth opportunities.

Prof. Dr. Danijela Miloš Sprčić
Prof. Dr. Hrvoje Pandžić
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Risk management
  • Risks in energy sector
  • Integrated risk management
  • Innovation risks
  • Power system resilience
  • Cybersecurity
  • Strategic risk management
  • Crisis management
  • Risk measurement methodologies.

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Published Papers (6 papers)

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Research

17 pages, 845 KiB  
Article
Estimation of Internal Rate of Return for Battery Storage Systems with Parallel Revenue Streams: Cycle-Cost vs. Multi-Objective Optimisation Approach
by Jura Jurčević, Ivan Pavić, Nikolina Čović, Denis Dolinar and Davor Zoričić
Energies 2022, 15(16), 5859; https://doi.org/10.3390/en15165859 - 12 Aug 2022
Cited by 1 | Viewed by 3641
Abstract
This paper assesses the profitability of battery storage systems (BSS) by focusing on the internal rate of return (IRR) as a profitability measure which offers advantages over other frequently used measures, most notably the net present value (NPV). Furthermore, this study proposes a [...] Read more.
This paper assesses the profitability of battery storage systems (BSS) by focusing on the internal rate of return (IRR) as a profitability measure which offers advantages over other frequently used measures, most notably the net present value (NPV). Furthermore, this study proposes a multi-objective optimisation (MOO) approach to IRR estimation instead of relying on the simple linear optimisation and compares the results to the popular linear optimisation with battery cycle-cost penalty. The analysis is conducted under perfect foresight conditions by considering multiple revenue streams: arbitrage trading in the day-ahead and intraday markets, peak shaving, participating in the primary reserves market, and from photovoltaic (PV) power-generation unit. Data are collected for the German power market for 2017 and 2021. The results show that MOO approach yields similar IRR estimates to the cycle-cost model in 2017. However, higher market volatility and increased electricity prices in 2021 resulted in tangible differences. The analysis shows that, if such conditions are coupled with a low battery capacity price, the MOO method significantly outperforms the cycle-cost model. The effects of battery calendar lifetime and state of charge which decrease profitability are also considered. Nevertheless, a noticeable rise in profitability in 2021 relative to 2017 could provide enough compensation to address the issue of relatively poor viability track record. Full article
(This article belongs to the Special Issue Risk Management in the Energy Sector)
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19 pages, 327 KiB  
Article
Qualitative Analysis of Enterprise Risk Management Systems in the Largest European Electric Power Companies
by Ena Pecina, Danijela Miloš Sprčić and Ivana Dvorski Lacković
Energies 2022, 15(15), 5328; https://doi.org/10.3390/en15155328 - 22 Jul 2022
Cited by 5 | Viewed by 3079
Abstract
Enterprise risk management (ERM) is an important element of an efficient and comprehensive corporate governance system. It represents a combination of activities that minimise the negative impacts of the risk exposures on the company’s value and long-term corporate sustainability. Recently, there has been [...] Read more.
Enterprise risk management (ERM) is an important element of an efficient and comprehensive corporate governance system. It represents a combination of activities that minimise the negative impacts of the risk exposures on the company’s value and long-term corporate sustainability. Recently, there has been a growing awareness on the role and importance of the risk management function. Such trends are partly driven by the consequences of the last economic and financial crisis on the one hand, and on the other by legal and regulatory requirements. The economic downturn caused by the COVID-19 pandemic, volatility in the energy markets and increased uncertainty expected in the upcoming period reiterate the importance of timely risk management practices, because organisations with developed risk management systems are more resilient in case of crisis. This paper analyses the organisation and level of development of ERM systems in the ten largest European electric power companies. The companies’ data on risk management practices are collected from annual reports and analysed by applying Content Analysis (CA), searching for 29 characteristics of a developed ERM system. Research results reveal that ERM in the largest EU electric power companies can be considered as advanced as it applies the five dimensions of the COSO 2017 framework. The analysis confirms the existence of 27 out of 29 characteristics of a developed ERM system, confirming that these characteristics are rooted not only in the relevant ERM theory, but also in the practice of large and successful electric power companies. Full article
(This article belongs to the Special Issue Risk Management in the Energy Sector)
22 pages, 792 KiB  
Article
Integrated Risk Analysis of Aggregators: Policy Implications for the Development of the Competitive Aggregator Industry
by Davor Zoričić, Goran Knežević, Marija Miletić, Denis Dolinar and Danijela Miloš Sprčić
Energies 2022, 15(14), 5076; https://doi.org/10.3390/en15145076 - 12 Jul 2022
Cited by 4 | Viewed by 2129
Abstract
One of the important goals of the EU is to ensure a secure, sustainable, and competitive energy system that is less dependent on external energy supply. Greater independence is planned to be achieved by diversifying energy sources, as well as investing in renewables [...] Read more.
One of the important goals of the EU is to ensure a secure, sustainable, and competitive energy system that is less dependent on external energy supply. Greater independence is planned to be achieved by diversifying energy sources, as well as investing in renewables and energy efficiency. One of the mechanisms is the demand response (DR) that provides a high level of energy independence for the consumer. In this paper, we explore perspectives of the development of DR with a mediating effect of the independent aggregators from an EU member state standpoint. We use a hybrid research methodology that combines instruments of strategic analysis, i.e., PESTLE framework and SWOT analysis, along with the integrated risk management framework in order to identify, evaluate and rank prominent risks to which this initiative is exposed. Interdependencies between the identified risk factors are also included and efficient mitigation measures are proposed. The findings of this exploratory research are aimed at developing the policies and strategies for the aggregators’ development in the medium term. The most emphasized risks detected in analysis are the investment risk, the legal risk, the risk of substitute technologies, the consumer behavior risk, the risk of opportunistic behavior and the risk of entry barriers. Full article
(This article belongs to the Special Issue Risk Management in the Energy Sector)
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19 pages, 1631 KiB  
Article
Early Warning Weather Hazard System for Power System Control
by Amalija Božiček, Bojan Franc and Božidar Filipović-Grčić
Energies 2022, 15(6), 2085; https://doi.org/10.3390/en15062085 - 12 Mar 2022
Cited by 6 | Viewed by 3287
Abstract
Power systems and their primary components, mostly the transmission and distribution of overhead lines, substations, and other power facilities, are distributed in space and are exposed to various atmospheric and meteorological conditions. These conditions carry a certain level of risk for reliable electrical [...] Read more.
Power systems and their primary components, mostly the transmission and distribution of overhead lines, substations, and other power facilities, are distributed in space and are exposed to various atmospheric and meteorological conditions. These conditions carry a certain level of risk for reliable electrical power delivery. Various atmospheric hazards endanger the operation of power systems, where the most significant are thunderstorms, wildfire events, and floods which can cause various ranges of disturbances, faults, and damages to the power grid, or even negatively affect the quality of life. By utilizing a weather monitoring and early warning system, it is possible to ensure a faster reaction against different weather-caused fault detections and elimination, to ensure a faster and more adequate preparation for fighting extreme weather events, while maintaining overhead line protection and fault elimination. Moreso, it is possible to bypass overhead lines that have the highest risk of unfavorable meteorological events and hazards, and reroute the energy, thus providing electricity to endangered areas in times of need while minimizing blackouts, and consequently, improving the quality of human life. This paper will present an analysis of the various risks of atmospheric phenomena, in the meteorological and climate context, and discuss various power system components, the power system control, operations, planning, and power quality. A concept with the main functionalities and data sources needed for the establishment of an early warning weather hazard system will be proposed. The proposed solution can be used as a utility function in power system control to mitigate risks to the power system due to atmospheric influences and ongoing climate change. Full article
(This article belongs to the Special Issue Risk Management in the Energy Sector)
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23 pages, 4232 KiB  
Article
Uncertainty Study of the In-Vessel Phase of a Severe Accident in a Pressurized Water Reactor
by Siniša Šadek, Davor Grgić, Chris Allison and Marina Perez-Ferragut
Energies 2022, 15(5), 1842; https://doi.org/10.3390/en15051842 - 2 Mar 2022
Cited by 6 | Viewed by 2549
Abstract
A comprehensive uncertainty analysis in the event of a severe accident in a two-loop pressurized water reactor is conducted using an uncertainty package integrated in the ASYST code. The plant model is based on the nuclear power plant (NPP) Krško, a Westinghouse-type power [...] Read more.
A comprehensive uncertainty analysis in the event of a severe accident in a two-loop pressurized water reactor is conducted using an uncertainty package integrated in the ASYST code. The plant model is based on the nuclear power plant (NPP) Krško, a Westinghouse-type power plant. The station blackout scenario with a small break loss of coolant accident is analyzed, and all processes of the in-vessel phase are covered. A best estimate plus uncertainty (BEPU) methodology with probabilistic propagation of input uncertainty is used. The uncertain parameters are selected based on their impact on the safety criteria, the operation of the NPP safety systems and to describe uncertainties in the initial and boundary conditions. The number of required calculations is determined by the Wilks formula from the desired percentile and confidence level, and the values of the uncertain parameters are randomly sampled according to appropriate distribution functions. Results showing the thermal hydraulic behaviour of the primary system and the propagation of core degradation are presented for 124 successful calculations, which is the minimum number of required calculations to estimate a 95/95 tolerance limit at the 3rd order of the Wilks formula application. A statistical analysis of the dispersion of results is performed afterwards. Calculation of the influence measures shows a strong correlation between the decay heat and the representative output quantities, which are the mass of hydrogen produced during the oxidation and the height of molten material in the lower head. As the decay heat increases, an increase in the production of hydrogen and the amount of molten material is clearly observed. The correlation is weak for other input uncertain parameters representing physical phenomena, initial and boundary conditions. The influence of the order of the Wilks formula is investigated and it is found that increasing the number of calculations does not significantly change the bounding values or the distribution of results for this particular application. Full article
(This article belongs to the Special Issue Risk Management in the Energy Sector)
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10 pages, 217 KiB  
Article
Risk Management Scenarios for Investment Program Delays in the Polish Power Industry
by Stanisław Tokarski, Małgorzata Magdziarczyk and Adam Smoliński
Energies 2021, 14(16), 5210; https://doi.org/10.3390/en14165210 - 23 Aug 2021
Cited by 20 | Viewed by 2407
Abstract
The introduction of the Green Deal in 2019 by the European Commission poses a significant challenge for EU member states whose power generation is based primarily on fossil fuels. In Poland, nearly 80% of the electricity is produced from fossil fuels. This paper [...] Read more.
The introduction of the Green Deal in 2019 by the European Commission poses a significant challenge for EU member states whose power generation is based primarily on fossil fuels. In Poland, nearly 80% of the electricity is produced from fossil fuels. This paper presents an analysis of the risks related to the delays in the accomplishment of investment programs in the Polish power industry. Three scenarios were prepared for balancing the deficiency of about 3 GW of power and 20 TWh of electricity in the national power grid in the years 2031–2040, which may emerge as a result of the delayed accomplishment of investment programs, particularly in nuclear energy. The first scenario presents a variant entailing the rapid phasing out of coal and the replacement of the decommissioned power units with new gas-powered units, where the missing power volume would be partially balanced by import, and partially through gas-based production in the new power units. The second scenario assumes that the missing power would be balanced by retaining the existing, older coal-powered units, whereas the required electricity would be compensated by import. The third scenario involves the production of the missing volume of electricity using coal with CO2 capture in existing or new coal-powered units. Full article
(This article belongs to the Special Issue Risk Management in the Energy Sector)
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