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Europe’s Energy Transition by Manuel Welsch

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Chapter 24

Need for Reliability and Measuring Its Cost

Abhishek Shivakumar1, Manuel Welsch1, Constantinos Taliotis1, Dražen Jakšić2, Tomislav Baričević2 and Mark Howells1,    1KTH Royal Institute of Technology, Stockholm, Sweden,    2Energy Institute Hrvoje Požar (EIHP), Zagreb, Croatia

Abstract

At present, power supply in the EU is characterized by a relatively high reliability. It should, however, not be taken for granted given the increasing shares of variable RES. Choosing the socioeconomically optimal level of reliability to aim for requires a thorough understanding of the socioeconomic costs of electricity supply interruptions. This chapter provides guidance on how to measure the consequences of supply interruptions and thus determine ...

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