Power plants play a central role in net-zero transitions. The construction, operation, and decommissioning of each type of power plant (e.g. natural gas, hydro, onshore wind, nuclear) have different environmental impacts because capacity factors vary for the same plant size and different levels of electricity supply. Life Cycle Assessment (LCA) is the standard approach for assessing the environmental footprint of different power plants. However, a major limitation of LCA models is that they neglect technological risks and opportunities. Specifically, current LCA models assume that the life cycle of a power plant is deterministic once construction begins. This is a rough approximation because different power plant technologies have different risks. This study proposes corrective actions to develop an enhanced LCA model that addresses this key limitation. Enhanced LCA uses the well-known ideas of discounted cash flow (DCF) and real options analysis (ROA) to address limitations related to risk, timescales, and degrees of freedom considerations. The key insight is to apply DCF and ROA to greenhouse gas emissions (produced and offset) over the life cycle of the asset, rather than to cash flows. This enhanced LCA model will be tested in the Italian electricity sector, considering different power plants. The aim is to provide policy- and decision-makers with a user-friendly, publicly available tool capable of capturing the life-cycle risks of different power plants. The proposed enhanced LCA approach provides a more holistic assessment for selecting optimal power plant solutions that contribute to net-zero transitions.