Catastrophe Risk Management for Electric Power Distribution Systems: An Insurance Approach

Siyuan Sun; Gengfeng Li; Yiheng Bian; Zhaohong Bie; Qianwen Hu

doi:10.17775/CSEEJPES.2021.06920

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Catastrophe Risk Management for Electric Power Distribution Systems: An Insurance Approach

Special Section Papers | 更新时间：2026-10-15

- Catastrophe Risk Management for Electric Power Distribution Systems: An Insurance Approach
- CSEE Journal of Power and Energy Systems Vol. 9, Issue 1, Pages: 393-410(2023)
- 作者机构：
  
  Department of Electrical Engineering, State Key Laboratory of Electrical Insulation and Power Equipment, Smart Grid Key Laboratory of Shaanxi Province, Xi'an Jiaotong University,Xi'an,China
- 作者简介：
- 基金信息：
- DOI：10.17775/CSEEJPES.2021.06920
  CLC：
- Published：01 January 2023
- 稿件说明：
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Siyuan Sun, Gengfeng Li, Yiheng Bian, et al. Catastrophe Risk Management for Electric Power Distribution Systems: An Insurance Approach[J]. CSEE Journal of Power and Energy Systems, 2023, 9(1): 393-410.
DOI：

Siyuan Sun, Gengfeng Li, Yiheng Bian, et al. Catastrophe Risk Management for Electric Power Distribution Systems: An Insurance Approach[J]. CSEE Journal of Power and Energy Systems, 2023, 9(1): 393-410. DOI： 10.17775/CSEEJPES.2021.06920.

摘要

Abstract

High-impact

low-probability catastrophes may cause equipment damage

customer outages and serious economic losses to an aging power distribution infrastructure with low redundancy and automation. To cope with catastrophe risks faced by distribution systems (DSs)

insurance is proposed as a supplement to existing resilience enhancement measures

which can provide financial aid in recovery after disasters

as well as incentives to make DSs more resilient to potential hazards. This calls for a quantitative assessment for insurance pricing that can not only predict potential losses caused by future catastrophes but also evaluate the effect of risk management measures. In this paper

a four-module actuarial framework

including hazard

vulnerability

resilience

and insurance modules

is developed to assess the catastrophe risks of DSs. Based on Monte Carlo simulation (MCS) and mixed integer linear programming (MILP)

the dynamic characteristics of disasters

random failures of equipment

control measures including fault isolation

load transfer

line patrolling

manual switching

and fault repair

are comprehensively incorporated in the premium determination of catastrophe insurance. Numerical simulations are performed on the modified IEEE 33-bus test systems to illustrate the validity of the proposed catastrophe insurance schemes.

关键词

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references

1. NOAA National Centers for Environmental Information (NCEI) U.S. ( 2021, Jul. ). Billion-Dollar Weather and Climate Disasters . [Online ] . Available: https://www.ncdc.noaa.gov/billions/.

2. J. W. Childs. ( 2020, Sep. ). Power Outage Repairs in Louisiana After Hurricane Laura Cost Up to \$1.4 Billion . [Online ] . Available: https://weather.com/news/news/2020-09-24-hurricane-laura-power-outages-billion-dollars-entergy.

5. National Infrastructure Advisory Council (NIAC) U.S. ( 2018, Dec. ). Surviving a Catastrophic Power Outage: How to Strengthen the Capabilities of the Nation . [Online ] . Available: https://www.cisa.gov/sites/default/files/publications/NIAC%20Catastrophic%20Power%20Outage%20Study_FINAL.pdf.

6. Department of Energy (DOE) U.S. ( 2013 , Mar. ). Insurance as a Risk Management Instruction for Energy Infrastructure Security and Resilience . [Online ] . Available: https://www.energy.gov/sites/prod/files/2013/03/f0/03282013_Final_Insurance_EnergyInfrastructure.pdf.

10. American Academy of Actuaries U.S. ( 2001, Jun. ). Insurance Industry Catastrophe Management Practices . [Online ] . Available: https://www.actuary.org/sites/default/files/files/catmonograph_june01.4.pdf/catmonograph_june01.4.pdf.

30. Department of Energy (DOE) U.S. ( 2016, Sep. ). Distribution Automation: Results from the Smart Grid Investment Grant Program . [Online ] Available: https://www.energy.gov/sites/prod/files/2016/11/f34/Distribution%20Automation%20Summary%20Report_09-29-16.pdf.

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