Evaluation of a risk-based criterion for secure system operation

The operators of electric power systems are tasked with the secure and efficient operation of their systems. Due to the changes in the last two decades, they are no longer responsible for all aspects of this operation, classically based on the N-1 criterion. In this paper the N-1 criterion is extended under a liberalized market paradigm, coupled with post-contingency corrective actions. An efficient method, influenced by a risk-based approach, for the solution of this problem is presented. To allow problem solution in reasonable time a QP-approximation is used. This paper presents the method, and shows its application on a test system.