IEEE Transactions on Power Systems · 2009 · 252 citations · 21 references
PlanningRisk ManagementCritical Infrastructure ProtectionHazard IdentificationRisk AnalysisPower Grid AnalysisPower System ReliabilityPower System StabilityReliability ModelingBlackout Risk AnalysisConditional Value-at-riskElectrical Power SystemsPower Flow AnalysisPower System Reliability AnalysisPower System Reliability ModelingRelay ProtectionTransmission Line Modeling
The ORNL-PSerc-Alaska (OPA) model is a blackout model proposed by researchers at Oak Ridge National Laboratory (ORNL), Power System Engineering Research Center of Wisconsin University (PSerc), and Alaska University (Alaska). Although the OPA model is a landmark study, it has two limitations. First, there is a significant difference between simulation and practice in transmission line outage and update; and second, the simulation of cascading failure and the probability distribution of blackout size are in general not accurate enough. Hence, an improved OPA model is proposed in this paper to address these limitations. The proposed model contains two layers of iteration. The inner iteration describes the fast dynamics of the system and considers the influence of power flow, dispatching, automation, relay protection, and so on. The outer iteration describes the slow overall system evolution and is concerned with the update of the power grid, operation modes and planning. Such a model can be applied to practical large-scale systems. Furthermore, based on the Value at Risk (VaR) and Conditional Value at Risk (CVaR), two new complementary blackout risk indices are defined, which reveal critical characteristics of blackouts and are used to evaluate security levels of power systems. The effectiveness of the improved OPA model is verified by the simulations concerning the Northeast Power Grid of China.
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Philippe Artzner, Freddy Delbaen, Jean‐Marc Eber et al. · Mathematical Finance · 1999 · 9K citations · Full text
Business, Finance, Risk Management +14
Optimization of conditional value-at-risk
R. T. Rockafellar, Stan Uryasev · The Journal of Risk · 2000 · 6.5K citations
Business, Finance, Risk Management +17
B. A. Carreras, V. E. Lynch, Ian Dobson et al. · Chaos An Interdisciplinary Journal of Nonlinear Science · 2002 · 544 citations · Full text
Engineering, Electrical Engineering, Systems Engineering +16