New model measures economic risks solar storms pose to US power grid

NASA’s Solar Dynamics Observatory captured an image of a strong solar flare on 8 May 2024, highlighting the potential risks solar storms pose to the US power grid. A new model developed by Oughton and colleagues estimates the economic consequences of a 1-in-250-year geomagnetic storm, predicting up to 5 million Americans and 135,000 businesses would lose power during such an event. The model combines physics, engineering, and economics to assess the risks, showing that a 250-year storm could cause daily losses of $1.81 billion. The study emphasizes the underquantified threat of space weather and the need for investment in the power grid to safeguard against future storms.

• The model combines physics, engineering, and economics to assess the risks of space weather.
• The study predicts that a 250-year storm would cause direct losses of roughly $980 million per day and total losses of $1.81 billion per day.
• The authors note that future research should examine cascading power grid dynamics and multihazard interactions, such as if a geomagnetic storm hits during a heat wave or hurricane.
• The study provides a rigorous assessment of the socioeconomic hazard posed by space weather and offers direction for investment in the power grid to safeguard against future storms.

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