Role of reliability, risk and probabilistic analysis in the competitive environment

Summary form only given. The power industry is changing into a more competitive market. In this environment, reliability of electric power systems will be an important area of concern. There are now legitimate concerns that service reliability might be compromised because of pressures of price competition unless the relation between price and reliability is better understood and appropriate steps are taken. There is now a need to either adopt the existing techniques or develop new methods for analyzing the effects of the new structure on the reliability. Conceivably, the reliability in the new environment will not be driven by the standards set for reliability but more by the cost benefit analysis. This paper aims at promoting more activity in this area of reliability and risk analysis in the new environment