Abstract The research dedicated to risk management issues in the energy sector addresses current problems associated with risk management that arise in the energy sector. The aim of the study was to identify factors that affect risks, analyze scientific risk management methods, and consider innovative approaches to risk management in the energy sector. The study used a critical analysis of the literature on the subject as well as an analysis of risk management standards and methods. The innovation of the research lies in its consideration of modern trends in risk management in the energy sector, taking into account changing economic and political conditions, technical possibilities, as well as social attitudes and demands. The study showed that the most effective approach to risk management in the energy sector is the use of an integrated risk management system that takes into account all aspects of enterprise activity. The results of the study can be useful for energy companies that deal with risk management. They can be used to improve risk management strategies and reduce the possibility of negative consequences. In addition, this research can be used for educational purposes for students and professors who study risk management and the energy sector. The next steps of the research may include expanding the scope of the study to other areas and developing more detailed risk management models.