Improved Premium Model of Voltage Sag Insurance Based on Voltage Sag Risk

Voltage sag insurance (VSI) is an effective measure to reduce the voltage sag loss and risk for enterprises with insufficient mitigation confidence or economic ability. However, due to the lack of understanding of voltage sag risk (VSR), it is difficult for power utilities to identify the enterprises with VSI demands, and it is also unable to realize differentiated premium according to different enterprises' situations. To solve the above problems, this paper proposes an improved voltage sag premium model based on VSR. Firstly, the VSR factors are analyzed, such as the hazard, the vulnerability, the exposure. The process immune time is introduced to describe the vulnerability. Based on the traditional consideration of only the ability of users to resist voltage sag, the ability of users to recover from voltage sag is further considered. Then, the risk evaluation model of voltage sag is established. The evaluation results can help power utilities to judge whether enterprises have the demand of VSI. Finally, the improved premium model of VSI based on VSR is constructed to ensure the differentiation and rationalization of the premium. The correctness and rationality of this method are proved by ten manufacturing enterprises in China by analyzing the VSR and comparing the premium before and after the improvement.