GTAP Resources: Resource Display
| GTAP Resource #7320 |
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"A New Method to Estimate the Economy-wide Consequences of Widespread, Long Duration Electric Power Interruptions*" by Rose, Adam, Peter Larsen and Ian Sue Wing Abstract We partnered with a utility in the U.S. state of Illinois to develop and pilot a new approach to estimate the economic impacts of widespread, long duration (WLD) power interruptions. We surveyed their customers about hypothetical blackouts, identifying and classifying mitigating/resilience behaviors and quantifying their costs and benefits. Survey results are scaled up to the broader regional economy, and used to drive a computational general equilibrium (CGE) simulation of the effects of power interruptions and attendant customer responses (e.g., relocation, backup generation). Impacts are severe: 1-, 3- and 14-day interruptions reduce the utility service area’s three-month GDP by $1.8 Bn (1.3%), $3.7 Bn (2.6%) and $15.2 Bn (10.4%), respectively, with losses driven overwhelmingly by “disequilibrium” responses to shortages as opposed to price signals (71%-88%). Doubling backup power penetration moderates GDP losses by 11%-14%, and is least beneficial on the longest interruption duration. Results highlight previously unquantified economic losses that can potentially be avoided by investments in power system resilience. |
| Resource Details (Export Citation) | GTAP Keywords | ||||||||||||||||
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- Climate change policy - Environmental policies - Renewable energy - Resources and circular economy - Economic growth - Partial and general equilibrium models |
| Attachments |
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If you have trouble accessing any of the attachments below due to disability, please contact the authors listed above.
Public Access  Presentation (721.2 KB) Replicated: 0 time(s)Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 2:05:45 PM
