Risk Assessment and Mitigation for Electric Power Sectors: A Developing Country's Perspective.

The electric power sector is the driving force behind a country's economy and disruptions in its services have dire consequences. The purpose of this study is to identify the risk mitigation measures that should be incorporated by the electric power sector of Pakistan. These risk mitigation strategies were identified while considering the risks that are Most Probable, Severe, Costly, Difficult to Detect, and Control. This study employed Fuzzy Multi-Criteria Decision-Making (MCDM) techniques for the assessment of risks. The criteria for risk evaluation were gauged through Fuzzy Full Consistency Method (FUCOM) and Fuzzy VIKOR approach was used for ranking these risks. Moreover, the risk mitigation strategies were evaluated using the Fuzzy Quality Function Deployment (QFD) method, considering the previously prioritized risks. The analysis ranked Corruption, Circular Debts, Outdated Infrastructure, Energy Losses, and Lack of Research and Development as the most critical risks. For risk mitigation measures, Incorporation of the Internet of Things (IoT), Building an Investor-Friendly Environment, Improved Coordination between Organisations, and Maximizing the Energy Efficiency Potential gained preference, among other measures. The study proposed a novel framework for risk assessment and evaluation of risk mitigation strategies. Moreover, it fills a research gap in its application by focusing on the electric power sector of Pakistan, a developing country.