Risk Based Multi-objective Optimization for Transmission Loading Relief Strategies

This paper describes a new perspective and online tool for transmission loading relief. Risk based multi-objective optimization methods are employed to reach the expected security level associated with the least cost. Weather-based contingency probabilities are used to compute the risk. A linear program with contingency constraints is implemented to achieve good tradeoffs between economy and security, as quantified by risk, at fast execution speeds. The result shows how to balance system reliability level with cost in regards to different operation strategy. A 6-bus test system is used to illustrate.