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VOLLValue of Lost Load (power generation electricity)
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(iii) The methods based on cost-benefit analysis [14-20]: by introducing the notion of value of lost load (VOLL), the optimization of the SR requirements based on cost-benefit analysis conducts an economic value analysis for the cost and benefit of providing SR so as to achieve a tradeoff between economics and reliability.
Allan, "Evaluation of reliability worth and value of lost load," IEE Proceedings--Generation, Transmission and Distribution, vol.
Rationing and Value of Lost Load As shown for example by Joskow and Tirole (2007), in some states of the world, it may be optimal to curtail constant price customers.
These two weighted averages in use have got specific names in the literature: Value of Lost Load (VOLL) [2] and Interrupted Energy Assessment Rate (IEAR) [4].