Towards a Resilient Electric Power Grid: An Investment Prioritization Decision Framework Integrating Risks of Severe Weather-Induced Outages

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Severe weather-induced outages in the US electric power system result in devastating, multi-billion dollar damages affecting hundreds of millions of people each year. However, current risk and reliability metrics and standards for both electricity transmission and distribution networks undervalue the impact of extreme events on electric power service, and thus on broader economic and societal costs. In the light of addressing this gap, this research intends to develop new risk assessment methods to deal with the complexities associated with linking outage to societal costs under the uncertainty of weather-related extreme events. This work is expected to inform regulatory decision-making processes for more effectively managing risks and overall security of the electric power system, and to provide a framework for achieving similar innovations in other utility sectors.This work is expected to result in (1) novel algorithm-based probabilistic risk analysis models for estimating risk of major power outages under severe weather events; (2) advanced economic models to estimate the compounding economic losses due to failure of interdependent infrastructure due to such power outages; and (3) optimization techniques to determine best strategies for addressing deep uncertainties. The research outcomes will be disseminated through peer-reviewed journal publications, with continued engagement of graduate and undergraduate students through coursework and research.