Impact of value of lost load on performance of reliability criteria and reliability management

Evaluating the performance of various power system reliability criteria and their management is important in order to obtain a cost effective reliability level of the power system. However, the performance of reliability criteria depends on several parameters, of which one is value of lost load (VoLL). Value of lost load is typically difficult and complex to model, which hampers making a general conclusion about the most appropriate reliability criterion. This paper gives a methodology to assess the impact of VoLL on the performance of reliability criteria and their management. The assessment is made for a 5 node test system, based on the Roy Billinton reliability test system, using 4 different reliability criteria, i.e. 2 probabilistic and 2 deterministic approaches. The focus is on operational planning and real time operation.