  We introduce a new microscopic model of the outages in transmission power
grids. This model accounts for the automatic response of the grid to load
fluctuations that take place on the scale of minutes, when the optimum power
flow adjustments and load shedding controls are unavailable. We describe
extreme events, initiated by load fluctuations, which cause cascading failures
of loads, generators and lines. Our model is quasi-static in the causal,
discrete time and sequential resolution of individual failures. The model, in
its simplest realization based on the Directed Current description of the power
flow problem, is tested on three standard IEEE systems consisting of 30, 39 and
118 buses. Our statistical analysis suggests a straightforward classification
of cascading and islanding phases in terms of the ratios between average number
of removed loads, generators and links. The analysis also demonstrates
sensitivity to variations in line capacities. Future research challenges in
modeling and control of cascading outages over real-world power networks are
discussed.
