Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to EarthquakesCitation formats

  • External authors:
  • Tomas Lagos
  • Rodrigo Moreno
  • Alejandro Navarro Espinosa
  • Rafael Sacaan
  • Fernando Ordonez
  • Hugh Rudnick
  • Pierluigi Mancarella

Standard

Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes. / Lagos, Tomas; Moreno, Rodrigo; Navarro Espinosa, Alejandro; Panteli, Mathaios; Sacaan, Rafael; Ordonez, Fernando; Rudnick, Hugh; Mancarella, Pierluigi.

In: I E E E Transactions on Power Systems, 04.10.2019.

Research output: Contribution to journalArticle

Harvard

Lagos, T, Moreno, R, Navarro Espinosa, A, Panteli, M, Sacaan, R, Ordonez, F, Rudnick, H & Mancarella, P 2019, 'Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes', I E E E Transactions on Power Systems. https://doi.org/10.1109/TPWRS.2019.2945316

APA

Lagos, T., Moreno, R., Navarro Espinosa, A., Panteli, M., Sacaan, R., Ordonez, F., ... Mancarella, P. (2019). Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes. I E E E Transactions on Power Systems. https://doi.org/10.1109/TPWRS.2019.2945316

Vancouver

Lagos T, Moreno R, Navarro Espinosa A, Panteli M, Sacaan R, Ordonez F et al. Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes. I E E E Transactions on Power Systems. 2019 Oct 4. https://doi.org/10.1109/TPWRS.2019.2945316

Author

Lagos, Tomas ; Moreno, Rodrigo ; Navarro Espinosa, Alejandro ; Panteli, Mathaios ; Sacaan, Rafael ; Ordonez, Fernando ; Rudnick, Hugh ; Mancarella, Pierluigi. / Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes. In: I E E E Transactions on Power Systems. 2019.

Bibtex

@article{5ca5c20fec3a4bcba8af02283f507bd1,
title = "Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes",
abstract = "Although extreme natural disasters have occurred all over the world throughout history, power systems planners do not usually recognize them within network investment methodologies. Moreover, planners had historically focused on reliability approaches based on average (rather than risk) performance indicators, undermining the effects of high impact and low probability events on investment decisions. To move towards a resilience centred approach, we propose a practical framework that can be used to identify network investments that offer the highest level of hedge against risks caused by natural hazards. In a first level, our framework proposes network enhancements and, in a second level, uses a simulation to evaluate the resilience level improvements associated with the network investment propositions. The simulator includes 4 phases: threat characterization, vulnerability of systems components, system response, and system restoration, which are simulated in a sequential Monte Carlo fashion. We use this modeling framework to find optimal portfolio solutions for resilient network enhancements. Through several case studies with applications to earthquakes, we distinguish the fundamental differences between reliability- and resilience-driven enhancements, and demonstrate the advantages of combining transmission investments with installation of backup distributed generation.",
author = "Tomas Lagos and Rodrigo Moreno and {Navarro Espinosa}, Alejandro and Mathaios Panteli and Rafael Sacaan and Fernando Ordonez and Hugh Rudnick and Pierluigi Mancarella",
year = "2019",
month = "10",
day = "4",
doi = "10.1109/TPWRS.2019.2945316",
language = "English",
journal = "I E E E Transactions on Power Systems",
issn = "0885-8950",
publisher = "IEEE",

}

RIS

TY - JOUR

T1 - Identifying Optimal Portfolios of Resilient Network Investments Against Natural Hazards, With Applications to Earthquakes

AU - Lagos, Tomas

AU - Moreno, Rodrigo

AU - Navarro Espinosa, Alejandro

AU - Panteli, Mathaios

AU - Sacaan, Rafael

AU - Ordonez, Fernando

AU - Rudnick, Hugh

AU - Mancarella, Pierluigi

PY - 2019/10/4

Y1 - 2019/10/4

N2 - Although extreme natural disasters have occurred all over the world throughout history, power systems planners do not usually recognize them within network investment methodologies. Moreover, planners had historically focused on reliability approaches based on average (rather than risk) performance indicators, undermining the effects of high impact and low probability events on investment decisions. To move towards a resilience centred approach, we propose a practical framework that can be used to identify network investments that offer the highest level of hedge against risks caused by natural hazards. In a first level, our framework proposes network enhancements and, in a second level, uses a simulation to evaluate the resilience level improvements associated with the network investment propositions. The simulator includes 4 phases: threat characterization, vulnerability of systems components, system response, and system restoration, which are simulated in a sequential Monte Carlo fashion. We use this modeling framework to find optimal portfolio solutions for resilient network enhancements. Through several case studies with applications to earthquakes, we distinguish the fundamental differences between reliability- and resilience-driven enhancements, and demonstrate the advantages of combining transmission investments with installation of backup distributed generation.

AB - Although extreme natural disasters have occurred all over the world throughout history, power systems planners do not usually recognize them within network investment methodologies. Moreover, planners had historically focused on reliability approaches based on average (rather than risk) performance indicators, undermining the effects of high impact and low probability events on investment decisions. To move towards a resilience centred approach, we propose a practical framework that can be used to identify network investments that offer the highest level of hedge against risks caused by natural hazards. In a first level, our framework proposes network enhancements and, in a second level, uses a simulation to evaluate the resilience level improvements associated with the network investment propositions. The simulator includes 4 phases: threat characterization, vulnerability of systems components, system response, and system restoration, which are simulated in a sequential Monte Carlo fashion. We use this modeling framework to find optimal portfolio solutions for resilient network enhancements. Through several case studies with applications to earthquakes, we distinguish the fundamental differences between reliability- and resilience-driven enhancements, and demonstrate the advantages of combining transmission investments with installation of backup distributed generation.

U2 - 10.1109/TPWRS.2019.2945316

DO - 10.1109/TPWRS.2019.2945316

M3 - Article

JO - I E E E Transactions on Power Systems

JF - I E E E Transactions on Power Systems

SN - 0885-8950

ER -