Transient instability risk assessment

This paper presents an approach to calculate the risk of transient instability of an operating point for a power system. Risk is defined as the product of the probability of transient instability and the cost consequences of this instability in the event that it occurs. This measure combines the security aspects with the economics and gives an objective idea of the `danger´ associated with any operating point. The approach also accounts for the presence of special protection systems (SPS) and demonstrates the approach for the most common type of SPS-generation rejection scheme (GRS)