Controlling the economic risk from catastrophic failure of overhead transmission lines

A reliable electric power supply is an essential component of economic growth in both mature and emerging economies. Studies indicate that economic growth, as measured by gross domestic product (GDP), is directly related to consumption of electric energy. Overhead transmission lines (OHTL) play one of the most important roles in the operation of a reliable delivery system. At the same time, because of their length and bold exposure to the elements, OHTLs are vulnerable to catastrophic failure from a variety of initiating events. Unfortunately, there isn't a test book or published procedure readily available that deals specifically with the problem of determining the economic risk to a particular electric system due to the loss of a specific OHTL. The principles required to do such an analysis, however, are known and in wide use in other applications such as insurance. This paper attempts to provide an insight into this specific problem and outlines a process that can be applied to identify and quantify the initiatives available to control such risk.