This project’s main objective is to develop a useful guideline for the risk management of substation equipment to address various challenges and uncertainties facing utilities. The project consists of three major tasks: 1) Performing a literature review of relevant published papers and documents, evaluating the models, methodologies and tools that are currently used in risk management for station equipment and apparatus, and assessing their benefits and limitations in power system applications (for example, station asset management, planning and investment). 2) Conducting a utility survey based on the results obtained in Task 1 to investigate the existing evaluation methodology and practices adopted by electric utilities in substation risk assessment/management. 3) Preparing a technical guide to assist utilities plan or review their risk management policies and procedures for substation equipment. This report documents the methodologies used, results obtained and conclusions drawn during the implementation of the project. This report also presents guidelines developed for risk management for station equipment and apparatus.
Keywords: AC Substations, HVDC Stations, International Organizations, Probabilistic Planning, Utility Survey, Risk Management