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A Risk-based Input-Output Methodology for Measuring the Effects of the August 2003 Northeast Blackout

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  • Christopher W. Anderson
  • Joost R. Santos
  • Yacov Y. Haimes
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    Abstract

    The 2003 Northeast Blackout revealed vulnerabilities within the US electric power-grid system. With the economy so dependent on electric power for most aspects of life, a power-grid failure can have far-reaching higher-order effects and can impair the operability of other critical infrastructures. An inoperability of the power sector can result from different types of disasters (e.g., accidents, natural catastrophe, or willful attacks). This paper demonstrates the Inoperability Input-Output Model (IIM) to measure the financial and inoperability effects of the Northeast Blackout. The case study uses information from sources such as the US input-output tables and sector-specific reports to quantify losses for specific inoperability levels. The IIM estimated losses of the same magnitude as other published reports; however, with a detailed accounting of all affected economic sectors. Finally, a risk management framework is proposed to extend the IIM's capability for evaluating investment options in terms of their implementation costs and loss-reduction potentials.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09535310701330233
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Economic Systems Research.

    Volume (Year): 19 (2007)
    Issue (Month): 2 ()
    Pages: 183-204

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    Handle: RePEc:taf:ecsysr:v:19:y:2007:i:2:p:183-204

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    Related research

    Keywords: 2003 Northeast Blackout; inoperability input-output model; risk management; multiobjective analysis;

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    Cited by:
    1. Henriet, Fanny & Hallegatte, St├ęphane & Tabourier, Lionel, 2012. "Firm-network characteristics and economic robustness to natural disasters," Journal of Economic Dynamics and Control, Elsevier, vol. 36(1), pages 150-167.
    2. Hallegatte, Stephane, 2012. "Modeling the roles of heterogeneity, substitution, and inventories in the assessment of natural disaster economic costs," Policy Research Working Paper Series 6047, The World Bank.
    3. Barker, Kash & Santos, Joost R., 2010. "Measuring the efficacy of inventory with a dynamic input-output model," International Journal of Production Economics, Elsevier, vol. 126(1), pages 130-143, July.
    4. Pagani, Giuliano Andrea & Aiello, Marco, 2014. "Power grid complex network evolutions for the smart grid," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 396(C), pages 248-266.

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