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Insurance Pricing in Electricity Retail Market Based on Reliability Analysis

With the deepening reform of power market and the expansion of the electricity retail market, the demand of electricity customers and power suppliers for the power system reliability is much higher. In this paper, an insurance pricing method based on the reliability analysis of power system is proposed. The method combines system reliability with actuarial science. The corresponding premium is obtained according to the reliability index, and then the electricity price is determined using the insurance premium. Firstly, the reliability analysis of the power system is performed based on Monte Carlo method, and then the reliability index is obtained. Second, a method is proposed to transfer numerical reliability indices to quantified risk indices. The risk evaluation refers to a case in which risk is represented by loss. The loss considers the relationships between power failure data and the information of electricity customers. Finally, the power failure loss is used to determine the premium and the price of electricity. Applying the insurance mechanism to the electricity retail market can reduce users' loss.