Related papers: Logarithmic resilience risk metrics that address t…
We focus on large blackouts in electric distribution systems caused by extreme winds. Such events have a large cost and impact on customers. To quantify resilience to these events, we formulate large event risk and show how to calculate it…
The impact of routine smaller outages on distribution system customers in terms of customer minutes interrupted can be tracked using conventional reliability indices. However, the customer minutes interrupted in large blackout events are…
It is of growing concern to ensure resilience in power distribution systems to extreme weather events. However, there are no clear methodologies or metrics available for resilience assessment that allows system planners to assess the impact…
Over the past decade, extreme weather events have significantly increased worldwide, leading to widespread power outages and blackouts. As these threats continue to challenge power distribution systems, the importance of mitigating the…
We develop LENORI, a Large Event Number of Outages Resilience Index measuring distribution system resilience with the number of forced line outages observed in large extreme events. LENORI is calculated from standard utility outage data.…
The electric distribution system is a cornerstone of modern life, playing a critical role in the daily activities and well-being of individuals. As the world transitions toward a decarbonized future, where even mobility relies on…
In the electrical grid, the distribution system is themost vulnerable to severe weather events. Well-placed and coordinatedupgrades, such as the combination of microgrids, systemhardening and additional line redundancy, can greatly reduce…
Cyber security and resilience are major challenges in our modern economies; this is why they are top priorities on the agenda of governments, security and defense forces, management of companies and organizations. Hence, the need of a deep…
We study tail risk dynamics in high-frequency financial markets and their connection with trading activity and market uncertainty. We introduce a dynamic extreme value regression model accommodating both stationary and local unit-root…
Large scale power failures induced by severe weather have become frequent and damaging in recent years, causing millions of people to be without electricity service for days. Although the power industry has been battling weather-induced…
It is of growing concern to ensure the resilience in electricity infrastructure systems to extreme weather events with the help of appropriate hardening measures and new operational procedures. An effective mitigation strategy requires a…
Whereas maintenance has been recognized as an important and effective means for risk management in power systems, it turns out to be intractable if cascading blackout risk is considered due to the extremely high computational complexity. In…
Parametric insurance has emerged as a practical way to cover risks that may be difficult to assess. By introducing a parameter that triggers compensation and allows the insurer to determine a payment without estimating the actual loss,…
Insurance data can be asymmetric with heavy tails, causing inadequate adjustments of the usually applied models. To deal with this issue, hierarchical models for collective risk with heavy-tails of the claims distributions that take also…
We analyze a 19-year time series of North American electric power transmission system blackouts. Contrary to previously reported results we find a fatter than exponential decay in the distribution of inter-occurrence times and evidence of…
Supply chain resilience analysis aims to identify the critical elements in the supply chain, measure its reliability, and analyze solutions for improving vulnerabilities. While extensive methods like stochastic approaches have been…
Software defects rediscovered by a large number of customers affect various stakeholders and may: 1) hint at gaps in a software manufacturer's Quality Assurance (QA) processes, 2) lead to an over-load of a software manufacturer's support…
The demand for resilient logistics networks has increased because of recent disasters. When we consider optimization problems, entropy regularization is a powerful tool for the diversification of a solution. In this study, we proposed a…
Transmission utilities routinely collect detailed outage data, including resilience events in which outages bunch up due to weather. The resilience events and their resilience metrics can readily be extracted from this historical outage…
In recent decades, the weather around the world has become more irregular and extreme, often causing large-scale extended power outages. Resilience -- the capability of withstanding, adapting to, and recovering from a large-scale disruption…