The recent development of new submerged energy storage technologies, such as the underwater compressed air energy storage (UWCAES) systems, necessitates conducting risk analysis studies to address potential accidents that may arise. For example, a rupture in the pipeline connecting the energy conversion platform to the underwater storage tanks could result in a significant release of air at some depth into the seawater, which would quickly ascend to the surface due to gravity. A methodology is described here to forecast the impacts of this incident scenario, helping in designing UWCAES systems. Since the governing mechanisms differ during the rise, distinct zones are identified where the air flow exhibits various characteristics. Different tools are used in each zone to precisely describe the air flow, with special attention given to the bubble plume to provide both macroscopic and microscopic details. The methodology is demonstrated through a practical example to highlight the key findings.