Empirical analysis of the impact of 2003 blackout on security values of U.S. utilities and electrical equipment manufacturing firms

Sung-Kwan Joo, Jang Chul Kim, Chen Ching Liu

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32 Citations (Scopus)


On August 14, 2003, the U.S. faced the largest blackout in history, which left over 50 million people without electricity in eight U.S. states and part of Canada. This paper investigates the effects of the blackout on the security values of the U.S. electric utilities and manufacturing firms in the electric power equipment industry, using an event study method. The results of this empirical study show that the electric utilities were negatively affected, but the electrical equipment manufacturing firms were significantly, positively affected.

Original languageEnglish
Pages (from-to)1012-1018
Number of pages7
JournalIEEE Transactions on Power Systems
Issue number3
Publication statusPublished - 2007 Aug 1



  • Blackout
  • Electric utilities
  • Risk analysis

ASJC Scopus subject areas

  • Electrical and Electronic Engineering

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