- Reduced Major Outages
A major outage is defined using the beta method, per IEEE Std 1366-2003 (IEEE Power Engineering Society 2004). The monetary benefit of reducing major outages is based on the VOS of each customer class. The VOS parameter represents the total cost of a power outage per MWh. This cost includes the value of unserved energy, lost productivity, collateral damage, the value of penalties and performance-based rates.