The Economics of Climate Resilience in Power Infrastructure

Ali Arabnya (University of Denver), Amin Khodaei (University of Denver)

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English

Wiley-IEEE Press
30 December 2024

Environmental economics; Economic systems & structures; Electrical engineering; Power generation & distribution

Full-scope economic perspectives on planning, operations management, and maintenance of climate resilience building measures in power infrastructure

The Economics of Climate Resilience in Power Infrastructure sheds light on the engineering economics of climate adaptation in electric power infrastructure by covering the relevant decision-making processes involved in managing risk and resilience in these systems. The book offers a system-level perspective along with detailed modeling of the most pressing resilience issues, while also providing detailed numerical examples on small test systems throughout the text to help readers see the outcomes of models.

The book starts with an introduction to risk management and the techno-economic considerations for resilience building measures in power systems. Next, economic concepts and mechanisms for managing climate risk in power systems are introduced. Afterward, an economic model for resilience investment in these systems against climate shocks is presented. The authors then discuss an economic asset management model for long-term resilience building in critical infrastructure assets. Subsequently, an economic model for operations management during disasters is proposed, followed by a model for post-disaster restoration.

Written by a pair of distinguished thought leaders, the book explores other topics such as:

Microgrid applications for decentralization, along with an economic model for resilience-oriented microgrid operations A deep defense framework for climate risk management in power systems, along with other factors influencing their operational and financial resilience Essential climate risk financing mechanisms and techno-economic factors in managing risk and resilience in the face of wildfires, heat waves, and hurricanes Steps for utility and infrastructure owners to recover from climate shocks and natural disasters, for the benefit of shareholders, ratepayers, and policymakers

The Economics of Climate Resilience in Power Infrastructure is an essential resource on the subject for industry practitioners, R&D engineers, infrastructure planners, and graduate students seeking to incorporate the economics of resilience with engineering solutions to streamline the success of climate adaptation measures in the power and energy industry.

By: Ali Arabnya (University of Denver), Amin Khodaei (University of Denver)
Imprint: Wiley-IEEE Press
Country of Publication: United States
ISBN: 9781394220755
ISBN 10: 1394220758
Pages: 256
Publication Date: 30 December 2024
Audience: Professional and scholarly , College/higher education , Undergraduate , Further / Higher Education
Format: Hardback
Publisher's Status: Active

About the Authors xi Foreword xiii Preface xv Acknowledgments xvii 1 Introduction 1 1.1 The Art of Climate Resilience 1 1.2 Climate Risk in Power Infrastructure 4 1.3 Resilience Metrics in Power Systems 8 1.4 Economic Impacts of Climate Shocks and Natural Disasters 10 1.5 Overview 12 2 The Economics of Financial Resilience Against Natural Disasters 17 2.1 Principles of Risk Management 17 2.2 Climate Risk Financing Mechanisms 21 2.3 A Financial Resilience Building Framework Using CAT Bonds 26 2.4 Wildfire Simulation Modeling 28 2.5 Case Studies 31 2.6 Summary 34 3 The Economics of Resilience-Centered Asset Management 37 3.1 Principles of Resilience-Centered Asset Management 37 3.2 Economic Variables for Resilience-Centered Asset Management 41 3.3 Economic Asset Management Model 49 3.4 Case Study 53 3.5 Summary 61 4 The Economics of Capacity Planning for Climate Shocks 67 4.1 Principles of Resilience Investment 67 4.2 Climate Risk Assessment Variables 70 4.3 An Economic Model for Resilience Investment 71 4.4 A Heatwave Case Study 78 4.5 Summary 84 5 The Economics of Resilience Planning in Power Infrastructure Expansion 89 5.1 Background 89 5.2 Economic Variables for Expansion Planning 91 5.3 An Economic Model for Resilience Planning in Infrastructure Expansion 94 5.4 Case Studies 100 5.5 Summary 112 6 The Economics of Operational Risk Management in the Face of Natural Disasters 117 6.1 Principles of Operations Management Against Wildfires 117 6.2 Variables for Quantifying Risk and Vulnerability Against Wildfires 121 6.3 A Model for Quantifying Risk and Vulnerability Against Wildfires 126 6.4 A Case Study for Wildfires 128 6.5 Summary 138 7 The Economics of Pre-Disaster Resource Mobilization 143 7.1 Principles of Resource Mobilization 143 7.2 Economic Variables in Resource Mobilization 146 7.3 An Economic Model for Pre-Event Resource Mobilization 147 7.4 A Case Study for Hurricanes 155 7.5 Summary 159 8 The Economics of Contingency Planning Under Extreme Events 163 8.1 Background 163 8.2 An Economic Model for Contingency Planning 167 8.3 Case Studies 172 8.4 Summary 183 9 The Economics of Decentralization Through Microgrids 187 9.1 Principles of Microgrids 187 9.2 Economic Variables for Decentralized Power Systems 190 9.3 An Economic Model for Resilience-Oriented Microgrid Operations 192 9.4 Case Study 197 9.5 Summary 203 10 The Economics of Post-Disaster Restoration 207 10.1 Principles of Power System Restoration 207 10.2 Economic Variables in System Restoration 211 10.3 A Generic Economic Model for Post-Disaster Restoration 212 10.4 Case Study 220 10.5 Summary 226 References 227 Index 231

Ali Arabnya, PhD, is the Director of Infrastructure Finance and Climate Risk with Quanta Technology and a Research Professor of Electrical and Computer Engineering with the University of Denver. He works at the interface of engineering, finance, and policy in addressing climate change mitigation and adaptation. He holds a PhD in Industrial Engineering from the University of Houston. Amin Khodaei, PhD, is a Professor of Electrical and Computer Engineering at the University of Denver. He is also the Founder of Plug LLC, an energy sector consultancy. His research interests include emerging technologies for grid modernization and climate resilience. He holds a PhD in Electrical Engineering from the Illinois Institute of Technology.