Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/3183
Title: The Costs of Power Outages: a Case Study from Cyprus
Authors: Poullikkas, Andreas 
Zachariadis, Theodoros 
metadata.dc.contributor.other: Ζαχαριάδης, Θεόδωρος
Πουλικκάς, Ανδρέας
Major Field of Science: Engineering and Technology;Agricultural Sciences
Field Category: Electrical Engineering - Electronic Engineering - Information Engineering
Keywords: Electric power failures;Energy;Cyprus;Cost accounting;Energy crisis;Welfare losses;Value of lost load
Issue Date: 25-Sep-2012
Source: Energy Policy, 2012, vol. 51, pp. 630–641
Volume: 51
Start page: 630
End page: 641
Journal: Energy Policy 
Abstract: We study the costs of electricity disruptions in Cyprus, which suffered severe power shortages in summer 2011 after an explosion that destroyed 60% of its power generating capacity. We employ both economic and engineering approaches to assess these costs. Among other calculations, we provide estimates of the value of lost load by economic sector and the hourly value of electricity by season and type of day. The results of two economic methods employed to assess welfare losses differ largely, indicating that the assessment of outage costs is associated with many uncertainties. Our calculations show that the emergency actions taken by national energy authorities in response to that accident, though not necessarily optimal, have generally been appropriate and in line with international best practices: the additional costs incurred due to these measures are lower than the economic losses avoided thanks to these actions. Preferential treatment of specific consumer types in the case of repeated power outages remains an open policy question.
URI: https://hdl.handle.net/20.500.14279/3183
ISSN: 03014215
DOI: 10.1016/j.enpol.2012.09.015
Rights: © Elsevier Ltd
Type: Article
Affiliation : Electricity Authority of Cyprus 
Cyprus University of Technology 
Publication Type: Peer Reviewed
Appears in Collections:Άρθρα/Articles

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