In this paper, we use a mathematical model based on the principal-agency theory to design risk regulatory policies in the implementation of a complex energy project under two cases; moral hazard and risk aversion and moral hazard and limited liability. The risk regulation aims to reduce the probability of accident as a result of contractor’s risky activities and is defined by three policies; level of effort, transfer and fine. Under risk aversion, the regulator implements the second best level of effort with fine equal to damage cost. The optimal transfer extracts all the rent from the contractor and increases with the risk aversion coefficient of the contractor and the variance of the hazard. Under limited liability, the regulator implements a higher second best level of effort which increases with the weight parameter and the damage cost. A higher effort requires a higher fine and the optimal transfer leaves a liability rent which increases with the damage cost and the weight parameter.