Money and Credit, explains the functions of money and credit on a national and international scale. In addition, firsthand accounts of real people are featured in which their stories are brought down to a personal level for the reader. Additional features include: a table of contents, glossary, index, color photographs, discussion points, and recommended books and websites for further exploration.
Americans' safety, productivity, comfort, and convenience depend on the reliable supply of electric power. The electric power system is a complex "cyber-physical" system composed of a network of millions of components spread out across the continent. These components are owned, operated, and regulated by thousands of different entities. Power system operators work hard to assure safe and reliable service, but large outages occasionally happen. Given the nature of the system, there is simply no way that outages can be completely avoided, no matter how much time and money is devoted to such an effort. The system's reliability and resilience can be improved but never made perfect. Thus, system owners, operators, and regulators must prioritize their investments based on potential benefits. Enhancing the Resilience of the Nation's Electricity System focuses on identifying, developing, and implementing strategies to increase the power system's resilience in the face of events that can cause large-area, long-duration outages: blackouts that extend over multiple service areas and last several days or longer. Resilience is not just about lessening the likelihood that these outages will occur. It is also about limiting the scope and impact of outages when they do occur, restoring power rapidly afterwards, and learning from these experiences to better deal with events in the future.
Americans' safety, productivity, comfort, and convenience depend on the reliable supply of electric power. The electric power system is a complex "cyber-physical" system composed of a network of millions of components spread out across the continent. These components are owned, operated, and regulated by thousands of different entities. Power system operators work hard to assure safe and reliable service, but large outages occasionally happen. Given the nature of the system, there is simply no way that outages can be completely avoided, no matter how much time and money is devoted to such an effort. The system's reliability and resilience can be improved but never made perfect. Thus, system owners, operators, and regulators must prioritize their investments based on potential benefits. Enhancing the Resilience of the Nation's Electricity System focuses on identifying, developing, and implementing strategies to increase the power system's resilience in the face of events that can cause large-area, long-duration outages: blackouts that extend over multiple service areas and last several days or longer. Resilience is not just about lessening the likelihood that these outages will occur. It is also about limiting the scope and impact of outages when they do occur, restoring power rapidly afterwards, and learning from these experiences to better deal with events in the future.
The electric power delivery system that carries electricity from large central generators to customers could be severely damaged by a small number of well-informed attackers. The system is inherently vulnerable because transmission lines may span hundreds of miles, and many key facilities are unguarded. This vulnerability is exacerbated by the fact that the power grid, most of which was originally designed to meet the needs of individual vertically integrated utilities, is being used to move power between regions to support the needs of competitive markets for power generation. Primarily because of ambiguities introduced as a result of recent restricting the of the industry and cost pressures from consumers and regulators, investment to strengthen and upgrade the grid has lagged, with the result that many parts of the bulk high-voltage system are heavily stressed. Electric systems are not designed to withstand or quickly recover from damage inflicted simultaneously on multiple components. Such an attack could be carried out by knowledgeable attackers with little risk of detection or interdiction. Further well-planned and coordinated attacks by terrorists could leave the electric power system in a large region of the country at least partially disabled for a very long time. Although there are many examples of terrorist and military attacks on power systems elsewhere in the world, at the time of this study international terrorists have shown limited interest in attacking the U.S. power grid. However, that should not be a basis for complacency. Because all parts of the economy, as well as human health and welfare, depend on electricity, the results could be devastating. Terrorism and the Electric Power Delivery System focuses on measures that could make the power delivery system less vulnerable to attacks, restore power faster after an attack, and make critical services less vulnerable while the delivery of conventional electric power has been disrupted.
