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A New Approach to Understanding the Economic Impacts of Electric Outages
The costs of widespread and long-duration power interruptions are generally not or only incompletely considered in utility planning activities. Lawrence Berkely National Laboratory (LBNL) researchers will describe a new approach for estimating the economic costs of widespread and long-duration power interruptions. This method, which LBNL calls "POET" (Power Outage Economics Tool), involves using survey responses from utility customers to calibrate a regional economic model that can estimate both the direct and indirect costs of these events. Including better estimates of these costs will enhance both the comprehensiveness and completeness of the considerations relied on to support utility planning decisions, especially on grid hardening strategies and other capital-intensive investments in electricity sector resilience. LBNL will conclude with a discussion about how POET is being piloted in Commonwealth Edison's service territory, then feature an emerging public-private partnership to update LBNL’s Interruption Cost Estimate (ICE) Calculator.

• Peter Larsen, Staff Scientist/Department Head, Electricity Markets and Policy Department, Lawrence Berkeley National Laboratory

Oct 14, 2021 03:00 PM in Eastern Time (US and Canada)

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