Findings on Risk Management Detailed by Researchers at Carnegie Mellon University (Providing Limited Local Electric Service During a Major Grid…

Findings on Risk Management Detailed by Researchers at Carnegie Mellon University (Providing Limited Local Electric Service During a Major Grid Outage: A First Assessment Based on Customer Willingness to)

By a News Reporter-Staff News Editor at Insurance Weekly News -- New research on Risk Management is the subject of a report. According to news reporting out of Pittsburgh, Pennsylvania, by VerticalNews editors, research stated, "While they are rare, widespread blackouts of the bulk power system can result in large costs to individuals and society. If local distribution circuits remain intact, it is possible to use new technologies including smart meters, intelligent switches that can change the topology of distribution circuits, and distributed generation owned by customers and the power company, to provide limited local electric power service."

Funders for this research include National Science Foundation, Carnegie Mellon University.

Our news journalists obtained a quote from the research from Carnegie Mellon University, "Many utilities are already making investments that would make this possible. We use customers' measured willingness to pay to explore when the incremental investments needed to implement these capabilities would be justified. Under many circumstances, upgrades in advanced distribution systems could be justified for a customer charge of less than a dollar a month (plus the cost of electricity used during outages), and would be less expensive and safer than the proliferation of small portable backup generators."

According to the news editors, the research concluded: "We also discuss issues of social equity, extreme events, and various sources of underlying uncertainty."

For more information on this research see: Providing Limited Local Electric Service During a Major Grid Outage: A First Assessment Based on Customer Willingness to. Risk Analysis, 2017;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news journalists report that additional information may be obtained by contacting S. Baik, Dept. of Engineering and Public Policy, Carnegie Mellon University, Pittsburgh, PA, United States. Additional authors for this research include M.G. Morgan and A.L Davis.

Keywords for this news article include: Pittsburgh, Pennsylvania, United States, Risk Management, North and Central America.

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