IEEE Power & Energy Magazine - July/August 2020 - 53

We have demonstrated the need for considering risk-based
(rather than average) indicators to identify the necessary
enhancements in network and system infrastructure.
The differences between reliability- and resilience-driven
investments were illustrated on both a simple textbook,
two-node example and a realistic 40-node representation of
the Chilean power system. Although the former was used to
clearly explain the fundamental concepts of the framework
we proposed, in the latter, we identified and discussed the
best Pareto portfolios of investment propositions that offer
the highest level of hedge against the adverse impacts of
large earthquakes. For this case, we also emphasized the
importance of hardening the infrastructure beyond the classical redundancy-based (i.e., adding more and more infrastructure), reliability-driven solutions. Furthermore, we
demonstrated how redundancy effectively improves average
indicators, while hardening improves risk indicators. Perhaps most importantly, our results also clearly illustrated
how additional operational flexibility and responsiveness
can play a major role in enhancing system resilience to
HILP events.
Looking ahead, for planners and regulators to fully consider resilience-enhancement investment solutions once specific hazards or potential HILP events of interest have been
identified (which is a nontrivial and case-specific exercise
per se), the following two questions will need to be more
appropriately addressed in the near future:
1) What is the right level of risk mitigation for HILP
events? Or in other words, what is the right level of risk
aversion to be considered when determining resiliencebased investment propositions?
2) How should the costs associated with resilience be allocated among market participants?
Although the latter may arguably be more intuitive to
address, for example on a beneficiary-pays basis (i.e., identifying the set of beneficiaries associated with the resilient
network enhancements), the former undoubtedly requires
a deeper understanding of electricity consumers' risk attitudes. This is not an easy task and goes beyond the expertise
of many members of our IEEE PES community, critically
demonstrating, going forward, the need for undertaking and
integrating more interdisciplinary work in this field.

For Further Reading
R. Moreno, A. Street, J. M. Arroyo, and P. Mancarella, "Planning low-carbon electricity systems under uncertainty considering operational flexibility and smart grid technologies,"
Philos. Trans. Roy. Soc. A, Math. Phys. Eng. Sci., vol. 375,
no. 2100, pp. 1-29, Aug. 2017. doi: 10.1098/rsta.2016.0305.

july/august 2020

"Future resilience of the UK electricity system," Energy
Research Partnership, Birmingham, U.K., Nov. 2018. [Online]. Available: https://erpuk.org/project/future-resilience
-of-the-uk-electricity-system/
N. N. Taleb, The Black Swan: The Impact of the Highly
Improbable. New York: Random House, 2007.
R. R. Billinton and R. Allan, Reliability Evaluation of
Power Systems. New York: Springer-Verlag, 1996.
G. Strbac, D. Kirschen, and R. Moreno, "Reliability standards for the operation and planning of future electricity networks," Found. Trends Elec. Energy Syst., vol. 1, no. 3, pp.
143-219, 2016. doi: 10.1561/3100000001.
"New mechanisms to enhance resilience in the power
system: Final report," Australian Energy Market Commission, Sydney, NSW, Dec. 2019. [Online]. Available: https://
www.aemc.gov.au /news-centre/media-releases/new
-mechanisms-enhance-resilience-power-system-final-report
M. Panteli, D. N. Trakas, P. Mancarella, and N. D. Hatziargyriou, "Power systems resilience assessment: Hardening and smart operational enhancement strategies," Proc.
IEEE, vol. 105, no. 7, pp. 1202-1213, July 2017. doi: 10.1109/
JPROC.2017.2691357.
T. Lagos et al., "Identifying optimal portfolios of resilient
network investments against natural hazards, with applications to earthquakes," IEEE Trans. Power Syst., vol. 35, no. 2,
pp. 1411-1421, Mar. 2020. doi: 10.1109/TPWRS.2019.2945316.

Biographies
Rodrigo Moreno is with the University of Chile, Santiago;
the Institute of Complex Engineering Systems, Santiago,
Chile; and Imperial College London, United Kingdom.
Mathaios Panteli is with the University of Manchester,
United Kingdom.
Pierluigi Mancarella is with the University of Melbourne,
Australia, and the University of Manchester, United Kingdom.
Hugh Rudnick is with the Pontifical Catholic University
of Chile, Santiago.
Tomás Lagos is with the University of Chile, Santiago.
Alejandro Navarro is with the University of Chile,
Santiago.
Fernando Ordoñez is with the University of Chile,
Santiago, and the Institute of Complex Engineering Systems, Santiago, Chile.
Juan Carlos Araneda is with the National Electric Coordinator, Santiago, Chile.
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https://www.erpuk.org/project/future-resilience-of-the-uk-electricity-system/ https://www.erpuk.org/project/future-resilience-of-the-uk-electricity-system/ http://www.aemc.gov.au/news-centre/media-releases/new-mechanisms-enhance-resilience-power-system-final-report http://www.aemc.gov.au/news-centre/media-releases/new-mechanisms-enhance-resilience-power-system-final-report http://www.aemc.gov.au/news-centre/media-releases/new-mechanisms-enhance-resilience-power-system-final-report

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