The past two years have been tough for energy executives both on the electricity side and the oil and gas side. Global disruptions due to the pandemic and the war in Ukraine have made it tougher to meet what quality assurance and risk management company DNV calls the “energy trilemma,” namely, providing energy that is clean, affordable, and reliable.
Further, reliability has been continuously challenged by extreme weather events worldwide, such as the deep freeze in Texas; the heatwave in Europe; and flooding following hurricanes, tropical storms, and typhoons all over the globe.
For these reasons, perhaps it isn’t all that surprising that Denmark-based DNV’s latest report, Trilemma and Transition, released on March 1, showed the energy executives are now prioritizing security (reliability) of energy over and above providing clean and affordable energy.
In fact, most executives say the energy system will not resolve the energy trilemma in the next decade. The DNV research analyzed the views of more than 1,300 senior energy professionals, based on a survey conducted during December 2022 and January 2023.
Energy security will take center stage for oil & gas and power sectors in the year ahead, the report said. Renewables players are maintaining their clean energy focus but the priorities of industrial energy consumers are accessible and affordable energy.
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Around 39% of energy professionals said they are confident about meeting decarbonization and climate targets. Even so, progress in the energy transition is the greatest driver of confidence among energy professionals for the year ahead, and a majority believe the energy transition is accelerating.
Resolving the energy trilemma – delivering secure, clean, and affordable energy – is viewed by the energy industry as a long-term goal, the report found. Few in the industry (17%) believe the
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