Risk and reliability worth assessment of power systems under corrective control

This paper focuses on the impact of corrective control on the operating risk of power systems. The risk level is assessed through the Expected Energy Not Served (EENS) and the Expected Interruption Cost (EIC). The goal is to find the most cost effective option for enhancing the ability of the transmission system to deliver projected demand by comparing various corrective control scenarios with traditional reinforcement schemes. This is undertaken for different levels of corrective control and reliability profiles of control devices. In this paper the Static Var Compensator (SVC) is used as the primary corrective control device. A simple method for optimal placement of the SVCs around the network is proposed. Annualized risk indices are calculated through Chronological Monte Carlo Simulation (CMCS). Reliability worth assessment is then carried out based on net present value (NPV) which accounts for the Expected Interruption Cost as well as investment and operating costs. The scenario with the minimum overall cost is selected as the best one. The methodology is tested on the RBTS 6 bus composite system.