Definition: Reduced Major Outages
Reduced Major Outages
A major outage is defined using the beta method, per IEEE Std 1366-2003 (IEEE Power Engineering Society 2004). The monetary benefit of reducing major outages is based on the VOS of each customer class. The VOS parameter represents the total cost of a power outage per MWh. This cost includes the value of unserved energy, lost productivity, collateral damage, the value of penalties and performance-based rates. Functions that lead to this benefit can mitigate major outages by allowing the system to be reconfigured on the fly to help restore service to as many customers as possible, enable a quicker response in the restoration effort, or mitigate the impact of an outage through islanding or alternative power supply.