Strategic Energy Risk Management for End Users

Vasudevan, Sriram; Higgins, B. R.

doi:10.3905/jsf.2004.74

Cited by 6 publications

(5 citation statements)

References 5 publications

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“…They define SERM as a systematic approach to analyze the exposure of companies to various components of risk related to their energy use and manage it in the context of the company's predetermined financial objectives and risk tolerances (Vasudevan & Higgins, 2004). In their view, most corporate bottom lines would benefit, whereas the utmost importance exists in industries that are particularly sensitive to energy price volatility as well as energy supply shortages such as energy-intensive process industries.…”

Section: Strategy/planningmentioning

confidence: 99%

“…As a final strategic component of energy management, Vasudevan and Higgins (2004) argue for a strategic energy risk management (SERM). They define SERM as a systematic approach to analyze the exposure of companies to various components of risk related to their energy use and manage it in the context of the company's predetermined financial objectives and risk tolerances (Vasudevan & Higgins, 2004).…”

Section: Strategy/planningmentioning

confidence: 99%

“…The energy-specific target-setting process is complemented by action planning on a strategic level which develops specific short-and long-term measures to achieve the energy targets Peterson & Belt, 2009). As a final strategic component of an energy management, a strategic energy risk management (SERM) analyzes the exposure of the company to relevant components of risk related to its energy use and manages it in the context of the company's predetermined financial objectives and risk tolerances (Vasudevan & Higgins, 2004).…”

Section: Figure 8: Framework Of An Integrative Energy Managementmentioning

confidence: 99%

See 2 more Smart Citations

Energy management in industry – a systematic review of previous findings and an integrative conceptual framework

Schulze

Nehler

Ottosson

et al. 2016

Journal of Cleaner Production

316

277

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Current research points to a large energy efficiency potential in industry which is still left unexploited. One of the most promising means of reducing energy consumption and related energy costs is implementing an energy management. This paper provides a systematic review of existing academic journal publications on energy management in industry. Five essential key elements of an energy management based on overarching themes are identified within the body of literature (strategy/planning, implementation/operation, controlling, organization and culture) and the specific findings relating to each key element are synthesized. Subsequently a conceptual framework of an energy management is developed which illustrates that a comprehensive approach is necessary in order to effectively exploit the existing energy efficiency potential. Finally implications for further research are described.

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Section: Strategy/planningmentioning

confidence: 99%

Section: Strategy/planningmentioning

confidence: 99%

Section: Figure 8: Framework Of An Integrative Energy Managementmentioning

confidence: 99%

See 1 more Smart Citation

Energy management in industry – a systematic review of previous findings and an integrative conceptual framework

Schulze

Nehler

Ottosson

et al. 2016

Journal of Cleaner Production

316

277

View full text Add to dashboard Cite

show abstract

“…The Planning/Strategy component is the initial phase of IEnM, and it is divided into three sections: (1) Formulation of a company's long-term energy policy that is conducive to a successful IEnM [23]. (2) Energy planning and goal- risks and provide risk management strategies depending on the company's financial goals and risk tolerance [26].…”

Section: A Planning/strategymentioning

confidence: 99%

Industrial Energy Management System: Design of a Conceptual Framework Using IoT and Big Data

et al. 2022

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Industrial activities consume a large portion of the total energy demand worldwide and thus significantly contribute to greenhouse gas emissions. One of the most effective ways to reduce energy consumption in the industrial sector is to implement an energy management system. Current research into Industrial Energy Management System (IEnMS) remains insufficient, and to the best of our knowledge, a holistic framework for an IEnMS using the Internet of Things (IoT) and big data does not exist. This paper provides a comprehensive systematic literature review of the existing academic publications on IEnMS from where the main requirements and components of an IEnMS are identified. We further verify this study by conducting a detailed survey with specialized employees of ten (10) large companies to acquire expert opinion about using the modern technologies like IoT, big data, and data analytics in IEnMS. We have then proposed a theoretical framework for the IEnMS using IoT, big data and data analytics to construct an effective cyber-physical system architecture including steps from data acquisition to the end-user decision-making process. These findings demonstrate how the suggested framework provides an objective methodology for selecting the most appropriate IEnMS for various businesses based on their specific needs.INDEX TERMS Energy management systems, big data, IoT.

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“…(2) Energy planning and target setting: the industry makes plans and sets future energy usage targets [21], [22]. (3) Strategic energy risk management: companies analyze any type of risk related to the energy use and propose ways to manage the risk, based on the company's predetermined financial objectives and risk tolerance [23].…”

Section: A Components Of Ienmmentioning

confidence: 99%

Industrial Energy Management System: Design of a Conceptual Framework using IoT and Big Data

Ullah

Narayanan

Wolff

et al. 2021

2021 IEEE PES Innovative Smart Grid Technologies Europe (ISGT Europe)

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Industrial activities consume a large portion of the total energy demand worldwide, and thus, significantly contribute to greenhouse gas emissions. Hence, they face significant economic, social and environmental pressures to create energy efficient processes and systems of production and directly manage their energy consumption, looking at aspects beyond direct costs. One of the most effective ways to reduce energy consumption in the industrial sector is to implement an energy management system. Current research into Industrial Energy Management System (IEnMS) remains insufficient, and to the best of our knowledge, a holistic framework for an IEnMS using the IoT and big data does not exist. This paper provides a comprehensive systematic literature review of the existing academic publications on IEnMS. Further, the main requirements and components of an IEnMS are identified using literature. Based on these identified requirements and components, we have designed a theoretical framework for the IEnMS using IoT and big data analytics, forming a cyber-physical system. These results illustrate how the proposed framework provides an objective methodology that can be used to select the most suitable IEnMS for different industries based on their particular requirements.

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Strategic Energy Risk Management for End Users

Cited by 6 publications

References 5 publications

Energy management in industry – a systematic review of previous findings and an integrative conceptual framework

Energy management in industry – a systematic review of previous findings and an integrative conceptual framework

Industrial Energy Management System: Design of a Conceptual Framework Using IoT and Big Data

Industrial Energy Management System: Design of a Conceptual Framework using IoT and Big Data

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