Economic Aspects of Space Weather on the Power Grid

1. Economic Aspects of Space Weather on the Power Grid Space Weather Workshop 2008 Ben Damsky

2. Assume a model utility is hit 5,000 MW of generation 3,000 employees 3,000,000 population served 1,000,000 in a metropolitan area Method:

3. Consider costs from 2 viewpoints: The utility The whole society Method:

5. What does it cost a utility to respond to a GIC alert?

6. Stop trans maintenance work: - 50 men @ $50 per hour - 8 hours of stoppage Total: $20K per day Cost to utility of GIC Response

7. Use non-economic dispatch: - 20% of 5,000 MW - added cost $10/MWHr Total: $100K per 10 hr Cost to utility of GIC Response

8. What does it cost a utility when a solar storm hits?

9. Loss of life to 5 xfrms: - Each $100K Total: $500K Moderate Storm (200 A) Cost to utility

10. Moderate Storm (200 A) Cost to utility

11. Loss of a GSU: - Profit $50M - Depreciation $25M - Idle workers $4M - Transformer $1M Total: $80M Large Storm (400 A) Cost to utility

13. City without power: - Sales less fuel $794M - Idle workers $60M - Transformers $20M Total: $874M Very Large Storm (800 A) Cost to utility

14. What does it cost society when a very large solar storm hits?

15. US GNP $44,000 annual per capita - $170 per working day - Assume 80% lost: $136 - City of 1M people Total: $136M/day, $680M/week “ GNP” for a City

16. City without power: - Reduced GNP $8.8B Wide area outage: - Reduced GNP $13.6B Total: $22.4B Very Large Storm (800 A) Cost to society

20. Dorothea Lange

21. Possible utility costs of moderate, large and very large GIC events

22. Possible societal costs of moderate, large and very large GIC events