A stochastic approach for modeling residential interruption costs
2008 (English)In: 16th Power Systems Computation Conference, PSCC 2008, Power Systems Computation Conference (PSCC) , 2008Conference paper (Refereed)Text
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.
Place, publisher, year, edition, pages
Power Systems Computation Conference (PSCC) , 2008.
Distribution system, Power system reliability, Residential interruption costs, Sequential simulation, Cost estimating, Costs, Housing, Intelligent systems, Monte Carlo methods, Outages, Reliability, Reliability analysis, Stochastic models, Stochastic systems, Customer damage functions, Distribution systems, Intangible characteristics, Interruption costs, Power system planning and operation, Time sequential Monte Carlo Simulation, Cost benefit analysis
Other Engineering and Technologies not elsewhere specified Control Engineering
IdentifiersURN: urn:nbn:se:kth:diva-181688ScopusID: 2-s2.0-84944088673ISBN: 9780947649289OAI: oai:DiVA.org:kth-181688DiVA: diva2:899851
16th PSCC, Power Systems Computation Conference, Glasgow, Scotland, July 14-18, 2008
QC 201602022016-02-022016-02-022016-06-17Bibliographically approved