PurposeTo meet energy demand and tackle the challenges posed by global warming, Bagasse-based Cogeneration Power Generation (BCPG) plant in sugar mills have tremendous potential due to large-scale supply of renewable fuel called bagasse. To meet this goal, an integrated framework has been proposed for analyzing performance issues of BCPG.Design/methodology/approachIntuitionistic Fuzzy Lambda-Tau (IFLT) approach was implemented to compute various reliability parameters. Intuitionistic Fuzzy Failure Mode and Effect Analysis (IF-FMEA) approach has been implemented for studying risk issues results in decrease in plant's availability. Moreover, IF- Technique for Order Performance by Similarity to Ideal Solution (IF-TOPSIS) is implemented to verify accuracy of IF-FMEA approach.FindingsFor membership and non-membership functions, availability decreases to 0.0006% and 0.0020% respectively for spread ±15% to ±30%, and further decreases to 0.0127% and 0.0221% for spread ±30% to ±45%. Under risk assessment failure causes namely Storage tank (ST3), Valve (VL6), Transfer pump (TF8), Deaerator tank (DT11), High pressure heater and economiser (HP15), Boiler drum and super heater (BS22), Forced draft and Secondary air fan (FS25), Air preheater (AH29) and Furnace (FR31) with Intuitionistic Fuzzy Hybrid Weighted Euclidean Distance (IFHWED) based output scores – 0.8988, 0.9752, 0.9400, 0.8988, 0.9267, 1.1131, 1.0039, 0.8185, 1.0604 were identified as the most critical failure causes.Research limitations/implicationsReliability and risk analysis results derived from IFLT and IF-FMEA approaches respectively, to address the performance issues of BCPG is based on the quantitative and qualitative data collected from the industrial experts and maintenance log book. Moreover, to take care of hesitation in expert's knowledge, IF theory-based concept is incorporated so as to achieve more accuracy in analysis results. Reliability and risk analysis results together will be helpful in analyzing the performance characteristics and diagnosis of critical failure causes, which will minimize frequent failure in BCPG.Practical implicationsThe framework will help plant managers to frame optimal maintenance policy in order to enhance the operational aspects of the considered unit. Moreover, the accurate and early detection of failure causes will also help managers to take prudent decision for smooth operation of plant.Social implicationsThe results obtained ensure continuous operation of plant by utilizing the bagasse as fuel in boiler and also mitigate the wastages of fuel. If this bagasse (green fuel) is not properly utilized, there remains a dependency on coal-based power plants to meet the power demand. The results obtained are useful for decreasing dependency on coal, and promoting bagasse as the green, and alternative fuel, the emission by burning of these fuels are not harmful for environment and thereby contribute in preventing the environment from harmful effect of GHGs gases.Originality/valueIFLT approach has been implemented to develop reliability modeling equations of the BCPG unit, and furthermore to compute various reliability parameters for both membership and non-membership function. The ranking results of IF-FMEA are compared to IF-TOPSIS approach. Sensitivity analysis is done to check stability of proposed framework.