Finance, Investment & Risk Management
Economic Loss & Disaster Risk Financing
Sustainable Finance
Post-Doctoral Fellowships
Poland
2016.01.31
Protecting the Power Supply with Better Risk Management
Dr. Wawrzyniak aims for a more comprehensive quantification of risk. A power grid can function in various states, but some of these are safer than others. The risk associated with each potential condition that deviates from normal needs to be assessed, but quantifying the probability of each undesirable event and the cost of its consequences is not an easy task. Dr. Wawrzyniak’s model will tackle this in a novel way, using statistical analyses capable of capturing dynamic probabilities that change as a cascading power failure progresses. The innovative system should allow for continuous assessment of the risk, which, in turn, could provide extra information on the gravity of the situation and the time period within which action must be taken. “In short,” Dr. Wawrzyniak summarizes, “if we know how to quantify the risk, we should also be able to estimate how fast we have to return to the normal state and how to optimize the cost related to the necessary actions.”
The model he is building should be easily applicable to other regions’ power grids and to different types of data. For instance, it could be used to estimate the probability of a failure in the power system given certain weather conditions. This could be important for energy infrastructure around the world that is facing new challenges from increasingly intense weather events. Dr. Wawrzyniak’s tool could prove vital for coordinated risk management in power production and supply, and the stability of our energy systems, so often taken for granted.
Scientific title: Development Of Methodology Assessing The Risk Of Remedial Actions In Transmission Systems And Optimizing Them
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Karol
WAWRZYNIAK
Institution
National Centre for Nuclear Research
Country
Poland
Nationality
Polish
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