Robert A. García Cooper, Marcel Castro Sitiriche , Agustín Irizarry Rivera , Fabio Andrade Rengifo
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True cost of electric service: What reliability metrics alone fail to communicate
Valuing electric power, particularly its loss within the residential sector, has historically been a great challenge that many researchers have undertaken without reaching a consensus. Electric power can be troublesome to appraise because consumption is not the customer’s main goal, but rather a means to achieve a desired good or service that often has unquantifiable personal value. This paper proposes a market-based household production method that quantifies the customer electric service interruption costs in the residential sector. Because an individual’s personal time is necessary to replace services owing to the lack of electric power, we propose a method that estimates the weighted market cost of a person’s time in accordance with their occupation to better calculate customer outage costs. We also present a macroeconomic production method to estimate losses in the residential sector. Finally, we propose a method for calculating the true costs of electric services by factoring the outage costs with the electrical utility rate to be analyzed using reliability metrics. The proposed approach facilitates a closer estimation of the low-bound true costs of utility-supplied electrical services for consumers who have not taken mitigation measures, serving as a warning for energy regulators to impose corrective actions or appropriate penalties on unreliable utilities and/or as an indicator for customers to invest in alternative energy sources.
Electricity JournalBusiness, Management and Accounting-Business and International Management
CiteScore
5.80
自引率
0.00%
发文量
95
审稿时长
31 days
期刊介绍:
The Electricity Journal is the leading journal in electric power policy. The journal deals primarily with fuel diversity and the energy mix needed for optimal energy market performance, and therefore covers the full spectrum of energy, from coal, nuclear, natural gas and oil, to renewable energy sources including hydro, solar, geothermal and wind power. Recently, the journal has been publishing in emerging areas including energy storage, microgrid strategies, dynamic pricing, cyber security, climate change, cap and trade, distributed generation, net metering, transmission and generation market dynamics. The Electricity Journal aims to bring together the most thoughtful and influential thinkers globally from across industry, practitioners, government, policymakers and academia. The Editorial Advisory Board is comprised of electric industry thought leaders who have served as regulators, consultants, litigators, and market advocates. Their collective experience helps ensure that the most relevant and thought-provoking issues are presented to our readers, and helps navigate the emerging shape and design of the electricity/energy industry.