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

Renewable energies and electrification of different sectors are key approaches to achieve a low/zero-carbon and oil-independent society. However, they pose two major challenges to modern society:
1. Renewable resources are weather-dependent and uncertain, thus affecting the adequacy of electricity supply.
2. Electric networks need huge facility expansion due to increasing electricity production by energy islands and increasing electricity demand from e-transportation and other sectors.
To address these challenges, the power system adequacy needs to be ensured by proper design, expansion and operation strategies. This requires assessing the overall system risk to ensure reliable and economic decision-making. We utilize a novel model-based risk assessment software tool for modern electric systems modeling the overall system risk in four hierarchical levels consisting of device, component, sub-system, and entire power system. It results in precise risk modeling by identifying high potential failure links at different levels. The adequacy of the system will be improved by up to 15% and operational costs will be decreased by up to 20% through reliable design and operation of power systems.
Although we have developed the first version of the software, to become a second-to-none product, there is still a long way to market. The Spin-outs Denmark funding support will be sought to expand features, capabilities, and overall scope of the software, allowing it to reach its full potential and paving the road for its commercialization.