Asset management and risk based process safety management approaches to the energy trilemma

Abstract

The global energy landscape is transforming towards a carbon-neutral future, necessitating strategic and systematic approaches to address the energy trilemma of security, affordability, and sustainability. Two critical elements of this transformation include the large-scale global adoption of hydrogen for energy use and carbon capture, usage, and storage (CCUS), including carbon sequestration. These efforts require effective management from a lifecycle perspective, considering net emissions and economics, including the life-cycle cost of energy systems, and a risk based process safety (RBPS) management approach that ensures public safety. Embracing asset management principles, which encompass lifecycle management, risk management, and performance optimisation, will be key in facilitating this transition. By analysing energy generation, demand patterns, and storage capacity, optimising the use of renewable energy, systematically, and dynamically monitoring asset performance, and process safety assurance metrics, operators can optimise resource allocation, reduce costs, and improve sustainability and public safety. Furthermore, adopting good risk engineering practices, including RBPS management, will manage risks to as low as reasonably practicable, ensuring a tolerable residual public risk level. This article highlights the correlation between the energy trilemma and asset management practices and suggests practical strategies to manage these major changes by implementing principles of asset management and RBPSmanagement, including a supporting case study.