Optimal Resilience and Risk-Driven Strategies for Pre-Disaster Protection of Electric Power Systems against Uncertain Disaster Scenarios

Chen Wang, Chao Zhang (), Ling Luo, Xiaoman Qi and Jingjing Kong ()
Additional contact information
Chen Wang: State Grid Shanghai Electric Power Research Institute, Shanghai 200437, China
Chao Zhang: Shanghai Key Laboratory of Financial Information Technology, Shanghai University of Finance and Economics, Shanghai 200433, China
Ling Luo: State Grid Shanghai Electric Power Research Institute, Shanghai 200437, China
Xiaoman Qi: State Grid Shanghai Electric Power Research Institute, Shanghai 200437, China
Jingjing Kong: School of Civil Engineering, Shanghai Normal University, Shanghai 201418, China

Energies, 2024, vol. 17, issue 15, 1-24

Abstract: Pre-disaster protection strategies are essential for enhancing the resilience of electric power systems against natural disasters. Considering the budgets for protection strategies, the dependency of other infrastructure systems on electricity, and the uncertainty of disaster scenarios, this paper develops risk-neutral and risk management models of strategies for pre-disaster protection. The risk-neutral model is a stochastic model designed to maximize the expected value of resilience (EVR) of the integrated system. The risk management model is a multi-objective model prioritizing the minimization of risk metrics as a secondary goal alongside maximizing the EVR. A case study conducted on the energy infrastructure systems in the Greater Toronto Area (GTA) validates the effectiveness of the models. The findings reveal the following: (i) increasing the budget enhances the EVR of the integrated system; however, beyond a certain budget threshold, the incremental benefits to the EVR significantly diminish; (ii) reducing the value of the downside risk often results in an increase in the EVR, with the variation in Pareto-optimal solutions between the two objectives being non-linear; and (iii) whether for the risk-neutral or risk management protection strategies, there are reasonable budgets when considering disaster intensity and the cost of protection measures. The models can help decision-makers to select effective protection measures for natural disasters.

Keywords: electric power systems; risk management; resilience; budget constraints; uncertain scenarios (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1996-1073/17/15/3619/pdf (application/pdf)
https://www.mdpi.com/1996-1073/17/15/3619/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:17:y:2024:i:15:p:3619-:d:1441288

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().