ABSTRACT
Power systems have a long lifetime; thus one should think of a heightened awareness of rare events. The risk governance of Geomagnetic Disturbances (GMD) impact on power grids should be viewed as an interdisciplinary problem. The list of critical factors is proposed, described and ranked in accordance with their level of impacts. The power grid hardening against GMD effects requires the developments of tools which are understandable to a wide audience. The evaluation of risks provides a basis for planning and allocating limited resources: technical, financial, and others. The hazard assessment is important for designing mitigation schemes, which are chosen in an ever-lasting problem of maximizing the profits and compromising the safety. The impact of severe GMDs can cross geographical/political frontiers. The risk management paradigm shifts towards proactive actions for improving overall system's resilience. The concept of resilience extends the traditional system limits.
