Risk assessment of cascading outages: Part I - Overview of methodologies

This paper is a result of ongoing activity carried out by Understanding, Prediction, Mitigation and Restoration of Cascading Failures Task Force under IEEE Computer Analytical Methods Subcommittee (CAMS). The task force's previous papers are focused on general aspects of cascading outages such as understanding, prediction, prevention and restoration from cascading failures. This is the first of two new papers, which extend this previous work to summarize the state of the art in cascading failure risk analysis methodologies and modeling tools. This paper is intended to be a reference document to summarize the state of the art in the methodologies for performing risk assessment of cascading outages caused by some initiating event(s). A risk assessment should cover the entire potential chain of cascades starting with the initiating event(s) and ending with some final condition(s). However, this is a difficult task and heuristic approaches and approximations have been suggested. This paper discusses different approaches to this and suggests directions for future development of methodologies. The second paper summarizes the state of the art in modeling tools for risk assessment of cascading outages.