Exploring the Value of Electricity  book cover
1st Edition

Exploring the Value of Electricity

ISBN 9781498744317
Published July 2, 2015 by River Publishers
260 Pages

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USD $120.00

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Book Description

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?

Power Outages

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


ARRA Results

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


Appendix A

Electricity’s Pioneers


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