2002
DOI: 10.1109/tpwrs.2002.800872
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Value of security: modeling time-dependent phenomena and weather conditions

Abstract: Deterministic security criteria provide a degree of security that may be insufficient under some operating conditions and excessive for others. To determine an appropriate level of security, one should perform a probabilistic cost/benefit analysis that balances the cost of the security margin against its benefits, i.e., the expected societal cost of the avoided outages. This paper shows how a previously published method based on Monte Carlo simulation can be enhanced to take into account time-dependent phenome… Show more

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Cited by 183 publications
(17 citation statements)
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References 12 publications
(19 reference statements)
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“…These studies could be simulated by different models, such as the water and soil equilibrium model [28,29], Empirical model [30], conceptual model [31] and complex distribution model [32,33]. In addition, Changnon et al [34] have studied the relationship between monthly precipitation (P) and the shallow groundwater level (GW) in 20 wells scattered across the American state of Illinois using autoregressive integrated moving average (ARIMA) modeling.…”
Section: Linkages Between Climate Variability and Water Resourcesmentioning
confidence: 99%
“…These studies could be simulated by different models, such as the water and soil equilibrium model [28,29], Empirical model [30], conceptual model [31] and complex distribution model [32,33]. In addition, Changnon et al [34] have studied the relationship between monthly precipitation (P) and the shallow groundwater level (GW) in 20 wells scattered across the American state of Illinois using autoregressive integrated moving average (ARIMA) modeling.…”
Section: Linkages Between Climate Variability and Water Resourcesmentioning
confidence: 99%
“…However, since all of the considered meteorological variables contribute to describing the higher-level phenomenon, which is the weather, this loss of structure is in fact an advantage in terms of minimizing data redundancy. The resulting factors should account for simple weather conditions such as normal or adverse—as defined similarly in the context of failure rates in power transmission networks [37]. …”
Section: Methodsmentioning
confidence: 99%
“…Though several risk-based approaches to security assessment have been proposed by researchers in the last few years [3][4][5][6][7][8][9][10], the risk concept has been introduced only very recently by a few operational standards to deal with extreme events affecting an uncertain PS [11][12][13].…”
Section: Introductionmentioning
confidence: 99%