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Risk Management "Under One Roof" A Global Perspective
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MANAGING RISKS FOR RADIOACTIVE MATERIALS IN TRANSPORT: UNDERSTANDING LIKELIHOODS AND CONSEQUENCES
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Managing Marine Energy Risks for Project Success
This presentation reviews recommended practices for marine energy risk management based on NLR's recent risk management framework publication (https://www.nrel.gov/docs/fy24osti/90212.pdf). This presentation will include a demonstration of risk management processes and techniques that everyone in the marine energy industry can use to successfully meet their project objectives. This presentation will include a description of methods to identify and manage risks that are specific to marine energy, while demonstrating this through tools such as risk registers, failure modes effects and criticality analysis (FMECA), and more tools that are currently being developed. The goal of this presentation is for the participants to have knowledge and access to tools to help them manage the risks specific to their marine energy projects.
An Integrated Paradigm for the Management of Delivery Risk in Electricity Markets: From Batteries to Insurance and Beyond
If power systems transition to integrate higher amounts of variable renewable energy sources, storage technologies, and distributed energy resources (DERs), new risk management frameworks are necessary to ensure cost-effective and reliable power system operations. Projects funded by the Advanced Research Projects Agency-Energy (ARPA-E) Performance-based Energy Resource Feedback, Optimization, and Risk Management (PERFORM) program aim to contribute new risk management frameworks by developing methods to quantify and manage risk at grid asset and system levels. The National Renewable Energy Laboratory (NREL) led a PERFORM project in collaboration with the Johns Hopkins University, the Electric Power Research Institute (EPRI), kWh Analytics, Packetized Energy, and Imperial Consultants (ICON). The project addressed two challenges related to risk management in electricity markets: managing net load imbalances and flexibility from DERs. This final technical report presents a list of project accomplishments, activities, and outputs.
US Department of Energy, Office of Science High Performance Computing Facility Operational Assessment 2021: Oak Ridge Leadership Computing Facility
Oak Ridge National Laboratory’s (ORNL’s) Leadership Computing Facility (OLCF) continues to surpass its operational target goals of supporting users; delivering fast, reliable computational ecosystems; creating innovative solutions for high-performance computing (HPC) needs; contributing to the community to build the next generation HPC workforce, and managing risks, safety, and security associated with operating some of the most powerful computers in the world. The results can be seen in the cutting-edge science conducted by users and the praise from the research community. Calendar year (CY) 2021 saw continued excellence in research supported by the OLCF’s leadership-class computing resources, including Summit (the nation’s most powerful supercomputer), the global scratch file system Alpine, the Scalable Protected Infrastructure (SPI), the Exploratory Visualization Environment for Research in Science and Technology (EVEREST), and the archival mass-storage resource High-Performance Storage System (HPSS). While maintaining access and exceptional user support for Summit, the OLCF continued to make progress on the installation and deployment of Frontier, which will be the nation’s first exascale system when it comes online at the start of CY 2023. Users have already begun running and optimizing scientific codes on Crusher, the OLCF test and development system equipped with Frontier’s architecture. Throughout the year, the OLCF maintained a strong culture of operational excellence, including risk management, workplace safety, and cybersecurity. The OLCF’s rigorous risk management strategy anticipated and mitigated risks, and at this time there are no high-priority operational risks. Similarly, ORNL and the OLCF were committed to operating under the US Department of Energy’s (DOE’s) safety regulations that ensure a safe workplace. Technical staff tracked and monitored existing threats and vulnerabilities within the OLCF while continually developing tools and practices to enhance operations without increasing the facility’s risk. CY 2021 was filled with outstanding results and accomplishments, including a very high rating from users on overall satisfaction for the eighth consecutive year; a tremendous number of node hours delivered to 1,671 researchers on Summit; and the successful delivery of the allocation split of roughly 60%, 20%, and 20% of core-hours offered for the Innovative and Novel Computational Impact on Theory and Experiment (INCITE), Advanced Scientific Computing Research Leadership Computing Challenge (ALCC), and Director’s Discretionary (DD) programs, respectively (Section 2). COVID-19 research remained a focus in 2021, and the ALCC and DD programs allocated over 1 million Summit hours to the COVID-19 High Performance Computing Consortium. These accomplishments, coupled with the high utilization rates (i.e., overall and capability usage), represent the fulfillment of the promise of leadership class machines: efficient facilitation of leadership-class computational applications.
An Integrated Paradigm for the Management of Delivery Risk in Electricity Markets: From Batteries to Insurance and Beyond [Slides]
In wholesale electricity markets today, flexibility from a limited number of distributed energy resources (DERs) is offered daily, and the value of flexibility is not yet recognized for economic hedging of delivery risk. Under a three-year project funded by the ARPA-E PERFORM program, a collaborative team is working towards developing an integrated risk management framework that will leverage flexibility from distributed and bulk resources to cost-effectively and reliably manage delivery risk of intermittent resources. Two concepts are at the core of the proposed integrated risk management framework: (A) flexibility options, which are a novel type of options and enable wholesale electricity market participants to hedge uncertainty by buying flexibility. (B) DER flexibility scores, which provide a way for utilities or aggregators to classify assets in groups with different likelihood of delivering contracted flexibility. This report presentation will focus on the proposed ISO-product "flexibility options," which is complementary to ramp and other products being introduced by ISOs/RTOs to manage net load uncertainties. Participating resources with imbalance risk can buy flexibility options to hedge their production, whereas grid-connected resources that can provide physical flexibility can offer flexibility options. We will present basics of the formulation for a day-ahead ISO market that matches buyers and sellers of this hedge in coordination with existing capabilities to schedule energy and ancillary services, and outline how their settlements mitigate the impact of imbalance risk.
Information needs, approaches, and case studies in human health risk communication
This article uses ten case studies to illustrate the information needs, various communication approaches, and the communicator's role in explaining environmental health risks from a variety of hazards, to a variety of audiences, over time frames from days to years, using in person consultation, lectures, zooms, and email formats. Events often had a long history before the communication began and may have had a long tail afterward. Audiences may be public officials, companies, workers, communities, or individuals. Each individual may have their own understanding or mental model regarding the hazard, exposure, and risk. The communicator's role or intention may be to reassure an audience that has unrealistic exaggerated concerns or fears or to protect a client if the fears are realistic. Or it may be altruistic to inform a complacent audience to take the risks it faces more seriously. Although risk assessment research has advanced the techniques for communicating abstruse probabilities to audiences with low numeracy, in my experience, audiences are unimpressed by precise–sounding probability numbers, and are more interested in whether exposure is occurring or may occur and how to stop it. Often audiences have reason to be outraged and may be more concerned about punishing wrong doers than about the hazard itself, particularly when the exposure is past and cannot be undone. Thus, there is a difference between discussing the riskiness of a situation (risk communication) and what you are going to do about the situation (risk management). Risk communication is successful when the audience responds as intended, calming down or taking action. These case studies are drawn from a large number of risk communication experiences that I and my Rutgers colleagues have engaged in over the past four decades. Through the 20th century, New Jersey was the most densely industrialized State in United States. New Jersey experienced growth of the chemical and petrochemical industries and the unfortunately profligate disposal of toxic wastes. Having the most Superfund sites of any state is a dubious distinction, but New Jersey also has the most experience in evaluating and responding to these hazards.
Workshop on Establishing and Operating a National Nuclear Security Support Centre Hypothetical Scenario: “Centralia Nuclear Security Support Centre Strategy Implementation Plan”
[This is part of a hypothetical scenario-based exercise for workshop participants, based on the fictitious country "Centralia."] In prior years, as a part of efforts to strengthen and better sustain nuclear security within the State, Centralia requested through the Integrated Nuclear Security Support Plan (INSSP) framework that the International Atomic Energy Agency (IAEA) conduct an expert mission on establishing and operating a national nuclear security support centre (NSSC). After the IAEA conducted the NSSC expert mission, members of the Centralia Committee on Nuclear Security (CNS) agreed to initiate the feasibility determination phase of establishing an NSSC, in line with the systematic process recommended by the IAEA. Centralia Nuclear Regulatory Authority (CNRA), as the designated lead organization for coordinating the feasibility determination process, prepared a Feasibility Report in collaboration with members of the CNS and based on input gathered among relevant national stakeholders. The report was presented to the National Security Advisor (NSA), who reviewed and approved the proposal for Centralia to proceed with establishing an NSSC. After Centralia moved into the planning phase for the Centralia Nuclear Security Support Centre (CNSSC), per REF, the primary stakeholders of the centre jointly developed this strategy implementation plan, which provides an outline of the organizational structure, needs analysis, programme objectives, financial and project management, risk management, and other key aspects of the centre. This document will be reviewed and updated as necessary on a semi-annual basis during the project implementation period of establishing CNSSC.
Management of Risks Associated with Application of Novel Materials in Novel Operating Environments in Novel Reactor Designs
There is currently no widely agreed, detailed general method for licensing a novel plant incorporating novel materials (or materials being deployed in novel environments); in many such situations, there are no directly applicable engineering code cases for decision-makers (including regulators) to rely on. This paper discusses a framework for solving this problem that is based on the Reliability and Integrity Management (RIM) approach delineated in ASME BPVC Section XI Division 2. NRC Regulatory Guide 1.246, Rev. 0, endorses, with conditions, the subject portion of the ASME Code. The proposed framework is meant to support development of a licensing case by addressing certain technical challenges. The framework discussed here is compatible with the Licensing Modernization Project, but applying it in a specific case will call for advances in the state of practice, if not the state of the art. The RIM approach calls for applicants to (a) allocate reliability targets to plant structures, systems, and components (SSCs), (b) show that they are able to relate the currently observed physical condition of each SSC in the program to its failure probability well enough to determine whether the target reliability allocations are being satisfied, allowing for uncertainty related to the novelty of the materials/designs/operating environments, and (c) be able to demonstrate that the proposed program of surveillances will reliably detect unacceptable degradation of an SSC before SSC failure occurs. These challenges are discussed in the paper, and a potentially applicable modeling approach based on cumulative damage rather than failure rates is briefly illustrated.
An Improved Risk Priority Measure for the Management of Project Risk
Monte Carlo-based project risk models are essential tools in project risk management, particularly for large, complex projects in which it is difficult to glean intuitively the importance of individual risks to the overall project. Conventional correlation-based methods for measuring the importance of contributing risks in such models are argued here to be both statistically flawed and unintuitive in the importance metrics they produce. Drawing on and adapting methods more traditionally associated with engineering risk models, Risk Reduction Worth (RRW) is introduced as an importance measure. RRW is shown to be statistically robust and provide an easily interpretable, quantitative measure of the importance of a risk to the overall performance of a project; specifically, measuring the extent to which removal of a risk would improve confidence in project outcomes. To ensure practicality of the method, an approach is described in which RRWs can be produced for all contributing risks based on a single Monte Carlo sample. This is demonstrated through application to a large, complex project risk model from which intuitive risk importance insights provide a robust, transparent basis for the allocation of risk management resources.
Wildfire and power grid nexus in a changing climate
Global wildfire events have had increasingly severe impacts in recent years, particularly in the western USA, driven by extreme fire-weather conditions, fuel accumulation and multiple ignition sources. Wildfires sparked by power lines tend to be larger and more destructive, as they often occur during high winds, which accelerate the spread of fires. Moreover, efforts to contain wildfires frequently result in power outages, causing considerable economic disruption. Here, in this Review, we examine wildfire risks related to power-line-induced ignitions, infrastructure damage, climate-induced environmental impacts, grid operational risks, real-time grid management risks, vegetation management risks, and financial and funding risks in the context of a changing climate and their interdependence with power grid infrastructures. We then explore the resilience of power grids under wildfire threats, looking at risk analysis, prediction and mitigation strategies. The Review also shares practical insights and experiences in the USA to inform researchers, policymakers and industry professionals.
Cybersecurity Assessment Tools for Distributed Energy Resources
This growing number of smart devices that support DERs can increase the number of access points outside a utility’s administrative domain, which can increase the potential for cyberattack. With the integration of DERs at federal sites, the cybersecurity vulnerabilities of DER systems must be understood and addressed. This presentation covers two NREL tools available. The Distributed Energy Resource Cybersecurity Framework (DER-CF) is a web-based holistic tool for evaluating cybersecurity posture including governance, physical security and technical management. The Distributed Energy Resource Risk Manager (DER-RM) extends the DER-CF by applying it to the NIST risk management framework process. It will be downloadable application that runs locally and documents all the major requirements for achieving Authority to Operate the DER.
Application of quantitative risk assessment to address stakeholder questions in geologic carbon storage
Ambitious international greenhouse gas emissions reduction targets demand a rapid transformation to a low-carbon economy. This transformation includes the accelerated adoption of carbon dioxide (CO2) capture and storage (CCS) technology. However, as with any large-scale engineering enterprise, the widespread commercial-scale deployment of geologic carbon storage (GCS) raises important questions about technology and cost-effectiveness, safety, environmental risk, and long-term liability. Effectively assessing and managing risks and liability associated with GCS projects is a key technical need throughout the project life cycle-from site selection and permitting to monitoring design, operational risk management, and post-operational site closure. This presentation highlights recent advancements in tools for quantitative risk assessment, being developed by the National Risk Assessment Partnership (NRAP). NRAP is a multi-year, multinational laboratory research collaboration sponsored by the U.S. Department of Energy's Office of Fossil Energy and Carbon Management. Our focus will be on these tools' applications in addressing critical stakeholder questions related to supporting permitting to ensure secure and environmentally protective storage; designing effective and efficient monitoring plans; evaluating the effectiveness of remedial actions and risk management alternatives; and informing liability assessment and investment decisions. This paper will detail the key functionality of NRAP’s Open-Source Integrated Assessment Model (NRAP-Open-IAM), a computational framework for assessing leakage risk and containment assurance. This model features streamlined workflows for calculating leakage risk profiles, delineating risk-based area of review, and assessing contingency plans and post-injection site care requirements. ORION is an open-source, observation-based ensemble forecasting toolkit to help operators assess the seismic hazard at a carbon storage site. The State of Stress Analysis Tool (SOSAT), designed to assess subsurface stress conditions and evaluate geomechanical risk resulting from CO2 injection in an area of interest will also be presented. We will also introduce a prototype model to evaluate storage project costs and liability associated with risk management. The Technoeconomic and Liability Evaluation for Storage (TALES) model uses results from forecasts of leakage and induced seismicity risk to estimate the lifecycle cost of managing risk. Finally, a preliminary example of how the NRAP Risk-based Adaptive Monitoring Plan (RAMP) tool can be used to design efficient and effective site monitoring plans and estimate the detectability of fluid leakage will be provided. The relevance of these tools for addressing key stakeholder questions amidst uncertainty will be emphasized.
Workflow for Developing and Operating Subsurface Hydrogen Storage Facilities in Porous Reservoirs
Long-duration (seasonal) storage of natural gas (NG), which primarily consists of methane (CH 4 ), has been practiced for more than a hundred years at underground gas storage (UGS) facilities that use depleted hydrocarbon reservoirs, saline aquifers, and salt caverns. To enable hydrogen (H 2 ) to be used as a long-duration, energy-storage medium, similar facilities are envisioned for underground H 2 storage (UHS) of either H 2 or H 2 /NG mixtures. Experience with UGS can be used to guide recommended practices for developing and operating UHS facilities in porous reservoirs. The most important factors (formation/fluid properties and engineering choices) that influence the performance of UHS reservoirs have been identified and quantified in previous studies. These factors and choices influence phenomena that determine the sweep efficiency of the stored working gas. These phenomena include viscous fingering, hysteretic capillary trapping, and gravity override of the working gas, as well as the upconing of nonproductive fluid that determine the sweep efficiency of the stored working gas. This report describes initial recommended-practices and a project-development workflow for UHS facilities that utilize porous reservoirs, based on the current state-of-knowledge about H 2 behavior in the subsurface. The workflow sequentially addresses all aspects of UHS project development, including the identification of H 2 sources and users, site ranking and down-selection, geologic and reservoir-engineering characterization, reservoir design, testing, risk management, commissioning, operations, and monitoring for a UHS facility. The goal is to enable UHS facilities to be developed in an efficient and timely manner, while carefully managing project risks. This workflow is similar to that which has been developed for UGS facilities (see Figure 1 of API, 2022), with the addition of tasks and subtasks specific to H 2 and UHS. The project-development workflow is broken down into three major stages: (1) define the H 2 use case; (2) rank, down-select, and characterize potential, candidate UHS sites; and (3) reservoir design, integrity testing, risk assessment, commissioning, operations, and monitoring for selected UHS sites. Each major stage is further broken down into tasks and subtasks, which are described at a high level. This report also provides more detailed descriptions of all tasks and subtasks that involve reservoir analysis and testing.
Interconnected Risks in Electricity Systems: Understanding Research Challenges, Needs, and Partnerships
The U.S. federal government has a potential role in mitigating the most poorly addressed risks across electricity markets and interdependent systems. Electricity system risks stem from extreme acute shocks (e.g., cyberattacks, extreme weather, and supply chain disruptions) and chronic stressors (e.g., global economic competition, uncertainties surrounding emerging technologies, climate change, and related conflicts). These acute shocks and chronic stressors can result in dire consequences for society, underscoring the need for better information for decision makers in both public and private sectors. Best practices and a shared understanding of risk management and risk quantification must be rapidly developed and disseminated. Informed by a quantitative treatment of risk to electrical infrastructure and interdependent systems, decision makers can more prudently and efficiently prioritize mitigation initiatives to maximize benefits to government, businesses, and the public.
A Tool for the Risk-Informed Management of Critical Mission Resilience
We describe a methodology and tool for the risk-informed management and planning of mission resilience. By mapping concepts of resilience onto the elements of a streamlined risk model we are able to tap the substantial portfolio of established risk concepts to provide rapid insights in the evaluation and high-level screening of prospective resilience enhancement measures. This provides a risk-informed, levelized basis for the comparison of disparate resilience solutions and the means of establishing preferences. The methodology begins with identification of critical missions met by a site, and establishment of the supporting physical assets. Scenarios that would result in failure of these assets are systematically identified. Each scenario comprises three elements: realization of a hazard or threat resulting in loss of resources (the current focus being on power, natural gas, and water) to the asset, failure of measures in place to protect the asset against those losses, and realization of the consequent impacts. These scenarios are quantified in terms of their probabilities of occurrence and the magnitude of the resultant consequences (mission outage time), allowing risk-prioritization to focus resilience enhancement considerations. What-If? analyses are conducted through adjusting elements of the risk calculation to reflect the deployment of prospective resilience measures, by which means the efficacies of each of those measures can be compared using common risk metrics across diverse resilience strategies. This paper will also describe the insights from example applications.
Managing weather- and market price-related financial risks in algal biofuel production
Large-scale algae production has garnered interest due to its potential as a biofuel feedstock. Previous research assessing the profitability of algae products has been mostly based on values averaged over time, but algae production and resulting financial returns exhibit significant variability due to weather and fluctuations in selling prices for algae-based products. In other sectors, producers often reduce weather- and market price-related financial risk with financial instruments such as insurance, but little research has been performed on the design of insurance products to protect algae producers. Furthermore, this study develops a novel index-based insurance instrument that pays-out during unfavorable weather and market conditions, then explores the instrument's effectiveness, combined with a cash reserve, in reducing revenue stream variability for an algae producer. Results indicate that a biophysically based index-insurance product tailored to the specific financial risks in algae production can reduce variability in net revenues and can do so at a lower cost than relying solely on cash reserves, the most common financial risk management tool. Assessing the performance of index-insurance in algae production is particularly timely given the passage of the 2018 Farm Bill, which newly opens opportunities for the USDA to provide crop insurance to algae producers.