Risk Analysis for Power Systems - Overview and Potential Benefits

This paper provides a mapping and sample of recently developed risk assessment techniques that are available for the distribution system operator. Three estimates on the value of more detailed risk analysis are described. I.e. component reliability importance indices can be used to diversify the maintenance efforts, gaining better expected system performance at no cost. Furthermore, components that are assumed to be relatively harmless (based on average values) are identified as critical for longer interruptions. Finally it is shown that losses in a transformer are critical in the decision on transformer lifetime.