How to approach consumers' nonmonetary evaluation of electricity supply security? The case of Germany from a multidisciplinary perspective

Consumers' preferences regarding the security of supply (SoS) of electricity are generally assessed through economic estimates of the value of lost load. However, this monodisciplinary approach typically builds on homo oeconomicus assumptions and neglects consumers' nonmonetary evaluations of SoS. This can result in short-sighted regulation, especially in the context of a transition like Germany's Energiewende. This paper provides a consumer-centered perspective on SoS employing psychological and sociological research on energy. German consumers' strong involvement in the Energiewende and their strong commitment to it make them a fascinating case. To determine the practical implications, we explore under what circumstances altered levels of SoS could be acceptable to consumers.