This book discusses the role electricity plays in sustaining and improving the quality of life. The author elucidates the numerous approaches to estimating value, including electricity’s contribution toward the U.S. Gross Domestic Product, its role in medicine, and its ability to power communications. Traditional measures such the cost of outages, the impact of storms, the cost of restoring power systems after storms, the Value of Lost Load (VOLL), consumer Willingness to Pay (WTP) to avoid outages, and consumer surveys are covered extensively. In addition, the book speculates on life without electricity and how society may have evolved without it.
Table of Contents
Introduction—Electricity is Valuable!
The Value of Electricity Storyline
The Value of Electricity
The Basic Value of Electricity
How did modern Power Systems Evolve?
What if There Were No Electricity?
What if Humans Did Not Know
How to Use Electricity
What if Electricity Failed?
Living Without Electricity
How is Electricity Used Today?
Living Without Electricity: Consequences
2020 Without Electricity
A Day in the Life of Johnny
Electricity’s Value to Society
Determining the Value of Electricity
The Value of Expanding End-Use
Applications of Electricity
Using the Economic Impacts of Blackouts to Estimate Value
What is a Blackout?
The Cost of other Power Disturbances
Value of Lost Load
Consumer Willingness to Pay
Willingness to Pay
US Customers WTP
Studies on Demand-Side Management
Other Methods to Estimate Value
Using Utility Restoration Costs as a Measure of Value
Value of Unserved Energy
The Value of Electric Lighting
ERCOT Economically Optimal Reserve Margin
Insights from Capacity Markets
Comparing Have and Have-Not Societies
Enhancing the Value of Electricity
What can be done to Enhance Electricity’s Value to Consumers?
Electricity’s Value can be Enhanced by:
Open Market Energy Consumer
Energy Waves and the Open Market Customer
What will be the Killer "Apps" of the Emerging
Open Market Energy Consumer Industry?
Conclusion: The Rationale for an Open Energy Marketplace
Summary of the Value of Electricity
Value Based Applications
Value Based on Surveys and Analyses
Value Based on Willingness to Pay
Value Based on Impact of Outages