Energy Consumption and Value of Lost Load Modeling for the GCC Member State Countries

Abstract

The current level of security of energy supply in the GCC Member States is quite satisfactory, and the network connection supports any risk faced by a GCC Member State. The Lost Load Value (VoLL) assists in assessing each GCC country, while the VoLL assessment assists in supporting energy policy decisions to prevent power outages. In addition, it helps analyze the cost benefit and find the right regulatory framework for the system in terms of reliability. This study develops the estimate of VoLL based on energy consumption and GDP. VoLL determines the lost value due to a lack of electricity. The estimated values of VoLL for the six GCC Member States are calculated. Finally, they obtained, discussed and analyzed results. VoLL can be considered one of the biggest reliability challenges when it comes to strengthening the market structure.