Authors
Matteo Spada, Florentina Paraschiv, Peter Burgherr
Publication date
2018/7/1
Journal
Energy
Volume
154
Pages
277-288
Publisher
Pergamon
Description
Within the broader context of energy security and critical infrastructure protection, the comprehensive assessment of accidents and their related consequences are of high priority for many stakeholders. The risk of accidents is commonly assessed by aggregated risk indicators, allowing for a consistent and direct comparison between energy chains and country groups. However, these indicators do not explicitly evaluate consequences at selected probability levels and/or consider risk aversion aspects. Furthermore, in risk-informed decision-making it is important to account for risk preferences of different stakeholders. To overcome these potential drawbacks, in this study, Value-at-Risk, Expected Shortfall and the Spectral Risk Measures, which are commonly used in the financial realm, are applied within an energy security perspective. In particular, fatality risk indicators are calculated for different country groups of …
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