Abstract
Increased electrification of various critical infrastructures has been recognized as a key to achieving decarbonization targets worldwide. This creates a need to better understand the risks associated with future power systems and how such risks can be defined, assessed, and mitigated. This paper surveys prior work on power system risk assessment and management and explores the various approaches to risk definition, assessment, and mitigation. As a result, the paper proposes how future grid developments should be assessed in terms of risk causes, what methodology may be used to reduce the risk impacts, and how such approaches can increase grid resilience. While we attempt to generalize and classify various approaches to solving the problem of risk assessment and mitigation, we also provide examples of how specific approaches undertaken by the authors in the past may be expanded in the future to address the design and operation of the future electricity system to manage the risk more effectively. The importance of the metrics for risk assessment and methodology for quantification of risk reduction are illustrated through the examples. The paper ends with recommendations on addressing the risk and resilience of the electricity system in the future resilient implementation while achieving decarbonization goals through massive electrification.