Reliability worth assessment of composite system for operational purposes

This paper presents a new methodology to evaluate the reliability worth of composite systems. The proposed method is based on the sequential Monte-Carlo simulation. A taxis-index-based sensitivity algorithm for active power correction is developed to minimize the total cost of the operation. Corresponding software has been developed and applied to IEEE 24-bus Reliability Test System. Since active power security correction strategy has great effects on system reliability and its economic benefits, we have used the software to study three different security correction strategies. Results show that the method we presented here has the potential to be used for assessing reliability worth associated with operational issues.