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Multi-Objective Optimization Algorithms for Deregulated Power Market
Published in Sawan Sen, Samarjit Sengupta, Abhijit Chakrabarti, Electricity Pricing, 2018
Sawan Sen, Samarjit Sengupta, Abhijit Chakrabarti
VOLL is the estimated amount that the consumer receiving electricity with firm contracts would be willing to pay to avoid a disruption in its electricity service. The value of these losses can be expressed as the customer damage function. It can be developed as below: () VOLL=∑i=1NGCij∑i=1NGPGi(Pi0−LCPj)
Energy security
Published in Peter M. Schwarz, Energy Economics, 2023
VoLL is an estimate of the cost of unsupplied electricity, the consumer surplus loss if actual supply falls short of the amount needed to satisfy demand at the market price: VoLL=ΔCS/ΔEC where CS is consumer surplus and EC is electricity consumption.
Regional variability of climate change adaptation feasibility for timber power poles
Published in Structure and Infrastructure Engineering, 2020
Paraic C. Ryan, Mark G. Stewart
The study herein considered both direct and indirect costs and benefits. These costs were obtained from the power industry and from Australian and International literature and reports. All cost values are presented in Table 5 in Australian dollars, together with the sources of costs provided. It is noted that while in principle it is desirable to model all costs as random variables, there was difficulty associated with acquiring commercially sensitive cost information from industry. The parameters for Lost Load (LL) in Table 5 allow quantification of the energy which is not supplied in the event of a power outage due to power pole wind failure. The LL is calculated using Equation (5). The direct cost to the energy company, and the user cost can then be calculated by multiplication of the relevant LL figure and Cost of Energy (CE) and Value of Lost Load (VOLL), respectively.
Electric utility valuations of investments to reduce the risks of long-duration, widespread power interruptions, part I: Background
Published in Sustainable and Resilient Infrastructure, 2023
Alan H. Sanstad, B. D. Leibowicz, Q. Zhu, P. H. Larsen, J. H. Eto
Although the metrics described above for residential customers represent a form of direct cost, they are more often referred to as ‘avoided costs.’ This terminology also applies to C&I firms. These quantities are also referred to, both in the research literature and in practice (by utilities and regulators), as the value of lost load (VOLL) or the value of [electricity] service.