Development of an analytical method for outage cost assessment in a composite power system

This study proposes a new analytical method for assessing the outage cost of a composite generation and transmission system. Outages of the generation system and the transmission system were included in this study. First, the composite power system effective load duration curve ELDC (CMELDC) at HLII was developed from reliability evaluation of the composite power system in order to assess the outage cost at HLII. Secondly, mathematical expressions for the marginal outage cost function at each load point are formulated using relations between GNP (or GDP) and the electrical energy demand. Finally, the outage cost is calculated by combining the proposed CMELDC with the marginal outage cost function at each load point. The effectiveness of the proposed approach is demonstrated by the IEEE-RTS