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… Benefits = Probability of event × (Unserved Energy × VoLL + Repair costs) We consider the following events and … outage, with 8 hours valued at the full Value of Lost Load (VoLL) and the remained at 20% of the value of unserved … cost: HILP event cost = Average(Demand profile ∗ Filter) × VoLL + Repair cost The risk is given by the annual expected …

… 527.1 Capital decrease (70% of base) 767.3 788.8 774.5 High VoLL ($60,000/MWh) 751.2 791.2 767.6 Low VoLL ($20,000/MWh) 617.5 628.2 603.7 The sensitivity …