RelyPES: A Reliability and Risk Assessment Software Tool for Power and Energy Systems

Robust and reliable uptake of Energy Islands requires assessing the overall system risk to ensure the adequacy of electricity supply. We have developed a software tool for accurate and fast risk assessment and management of electric networks that will become a digital twin of power systems. This tool will be used by power and energy companies, and private sectors in the world for the design and operation optimization of their power systems and equipment. The core of this tool uses a novel approach which facilitates risk modeling at 4 hierarchical levels. Using this tool for reliable design and operation of power systems will improve energy adequacy by up to 15% and decrease operational costs by up to 20%.