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Modern microgrids are networked systems comprising physical and cyber components for networking, computation, and monitoring. These cyber components make microgrids more reliable but increase the system complexity. Therefore, risk assessment methods are an imperative technology for cyber-physical systems to ensure safe and secure operations. The authors propose a reliability approach that utilizes the failure modes of power and cyber network key components to perform the risk analysis in microgrids. In this work, the authors have used the Failure Mode and Effect Analysis (FMEA) approach for risk assessment of microgrid systems and determine the influence of various failure modes on their performance. FMEA is one of the most effective methods to assess the risk involving the cyber components. It is the method of examining components, modules, and subsystems to determine failure modes in a system and their causes and consequences. A novel approach is proposed to calculate risk priority numbers based on factors like severity, occurrence, and detection. A risk matrix is calculated from the proposed FMEA worksheet, which acts as a graphical representation for evaluating components risk based on risk priority number or criticality metrics.

Risk-based Classical Failure Mode and Effect Analysis (FMEA) of Microgrid Cyber-physical Energy Systems