1. Climate scientists declared 2023 as the hottest year on record, with each month from June to December breaking temperature records.
2. NASA researchers predict that extreme weather events, largely caused by climate change, will become more frequent and severe, leading to challenges for power grids worldwide.
3. Michael Levy, a consultant at Baringa, is focused on helping utilities mitigate extreme weather risks by accurately forecasting the financial impact of such events and investing in resilience measures.
Scientists who maintain global temperature records announced that 2023 was the hottest year on record, with every month from June to December ranking as the hottest for each month. NASA researchers predict that extreme weather events will become more common and severe as the planet warms, posing risks to power grids. Michael Levy, US Networks lead at Baringa, is focused on mitigating extreme weather risks and accurately forecasting the financial impact on assets from these events.
Levy highlights the importance of utilities planning for extreme weather events, as they can be infrequent but have severe impacts. Advances in attribution climate science are aiding utilities in preparing for the future by predicting the frequency and severity of extreme weather events.
By converting climate forecasts into financial risk assessments, utilities can substantiate spending on grid hardening initiatives to improve reliability. Levy points to the success of grid hardening efforts in Florida following active hurricane seasons, which ultimately led to faster restoration times and cost savings in the long run.
Different regions face varying risks from extreme weather, including heatwaves, winter storms, flooding, wildfires, and sea level rise. Utilities must assess these risks to prioritize investments in grid resilience while considering resource and affordability constraints. Levy emphasizes the importance of future-proofing networks to enhance reliability in the face of changing climate conditions.