Page 84 - IRMSA Risk Report 2023

TOP 5 CHALLENGES TOP 5 RISK TREATMENT OPTIONS AND OPPORTUNITIES

TARGETS ▶

TO ACHIEVING ▶
If the demand for electricity
exceeds the available supply,
it can strain the grid and
potentially lead to failures.
Inadequate power generation Aggressive execution of the independent power producer procurement programme.
capacity, especially during peak Demand Management and Energy Efficiency: Promoting energy efficiency and demand
demand periods, can overload management initiatives can alleviate stress on the grid. Encouraging consumers to adopt
the grid and cause blackouts energy-efficient practices, such as using energy-saving appliances and implementing
or rolling power outages to 01. demand response programs, can help balance supply and demand. By reducing peak
manage the load. demand, the risk of overloading the grid and potential failures can be minimized.

Insufficient investment in
power generation infrastructure
or delays in upgrading existing
facilities can contribute to this
issue.

Natural disasters such as Grid Resiliency and Redundancy: Enhancing grid resiliency involves building
hurricanes, earthquakes, redundancy and backup systems to minimize the impact of failures. This includes
floods, or severe storms can 02. installing alternative power sources, such as renewable energy systems and distributed
damage power infrastructure, generation, to provide backup power during emergencies. Creating a robust
including transmission lines, transmission and distribution network with multiple pathways can also help mitigate
substations, and power plants. the risk of a single point of failure.

Equipment failure and the
possibility of human error, Regular Maintenance and Upgrades: Implementing a comprehensive maintenance
whether genuine or intentional. program is crucial to identify and address potential issues before they lead to failures.
Mistakes made during Regular inspections, testing, and replacement of aging or faulty equipment can
maintenance, repairs, or 03.
operational procedures significantly reduce the risk of grid failures. Upgrading and modernizing infrastructure,
can have catastrophic including substations, transformers, and control systems, helps improve reliability and
resilience.
consequences to equipment
failure and cascading outages.

Equipment failure and the
possibility of human error,
whether genuine or intentional. Investment in Grid Infrastructure: Adequate investment in the electricity grid
or 04.
Mistakes made during infrastructure is essential for its reliability and resilience. This includes funding for
infrastructure expansion, reinforcement, and upgrades to accommodate increasing
maintenance, repairs, demand and emerging technologies. Investing in smart grid technologies, advanced
operational procedures sensors, and automation can enhance monitoring and control capabilities, enabling
can have catastrophic
consequences to equipment proactive detection of issues and swift response.
failure and cascading outage

Cyberattacks. The increasing
reliance on digital systems and
interconnected infrastructure Enhanced Cybersecurity Measures: Strengthening cybersecurity measures is crucial
makes the electricity grid to protect the grid from cyber-attacks. Implementing robust security protocols,
vulnerable to cyber-attacks. 05. including encryption, intrusion detection systems, and network segmentation, helps
Malicious actors, such as safeguard critical infrastructure. Regular vulnerability assessments, employee training
hackers or state-sponsored on cybersecurity best practices, and collaboration with cybersecurity experts can help
entities, may target power identify and mitigate potential threats.
systems to disrupt operations.

84 IRMSA RISK REPORT 2023/24