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- Alvehag, Karin, et al.
(author)
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A stochastic approach for modeling residential interruption costs
- 2008
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In: 16th Power Systems Computation Conference, PSCC 2008. - : Power Systems Computation Conference (PSCC). - 9780947649289
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Conference paper (peer-reviewed)abstract
- In power system planning and operation, accurate assessment of reliability worth is essential for making informed decisions. The accuracy of the reliability worth estimation is directly affected by the interruption cost model used in the analysis. Residential interruption costs vary with season, day of week and time of day, and can be difficult to handle because of their intangible characteristics. This paper develops a cost model for residential customers that includes the timing of the outage by modeling the underlying factors that give rise to the temporal variations in residential interruption costs. By considering the stochastic nature of the underlying factors, as for example outdoor temperature, the proposed model makes it possible to estimate the costs for an event that is extreme in other senses than having a long duration. Time sequential Monte Carlo simulations were applied to a test system in order to assess reliability worth. The results show that the commonly used customer damage function overestimates the reliability worth. By accounting for the timing of the outages a more realistic estimation of the interruption costs can be obtained.
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