De-risking new energies projects with asset risk assurance

The urgency to meet Paris Agreement targets is clear, driving numerous energy projects in the UK, both onshore and offshore. Future projects will likely integrate multiple asset types, creating interconnected systems. This requires re-evaluating safety margins, financial, insurance, and operational boundaries. New energy projects may involve stakeholders with limited experience in major CAPEX project execution. These stakeholders need assurance that the project is de-risked, on schedule, and within budget. The UK's diverse regulatory regime adds complexity, requiring compliance with multiple requirements and interactions with various regulators, causing ambiguity for project teams and stakeholders. DNV proposes a straightforward approach to de-risking and compliance for new energy assets based around the identification of Major Accident Hazards and implementation of systems (or barriers) to manage these, thereby clearly demonstrating risk mitigation and regulatory compliance to all stakeholders. This Asset Risk Assurance process enhances risk management, enabling safer project planning, design, and execution, and adding value throughout the project lifecycle. The process is based on ISO-31000 [1] risk management principles, recognising that hazards vary across the energy value chain (e.g., renewables, hydrogen, CO2, O&G). This approach benefits all stakeholders involved in new energy projects.