EVOLUTION OF THE NOTION OF “RISK” AND ITS PECULIARITIESWITHIN ENERGY COMPANIES

Abstract

Despite the centuries-old history of the existence of a risk category, there is still no single approach to the interpretation of this
concept. The author has examined the currently existing definitions in detail, which were divided into three main groups. Authors
adhering to the first approach, treat risk as the probability of an event that leads to undesirable results. In contrast, the authors of the second group disclose the notion of risk, not only in terms of the possibility of adverse outcomes, but also positive ones. Sometimes,
there is a third approach that suggests not only positive and negative, but also “null” results of the occurrence of an unforeseen event. However, this approach is the least common. The article provides the author’s interpretation of the concept of “risk” to energy companies, which will allow you to more clearly articulate what risks you need to consider all stages of energy production.

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