Framework for Value Based Constraint Reliability in a Restructured Environmnet

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In the modern power system, reliability assessment and selection of control options will be important to address the uncertainties and evolution of new players. Therefore advance computational tools that will provide a framework for analysis of competitive utility will be one of the research challenges. Typically, the analysis of large-scale infrastructures carries uncertainties such as instability phenomenon or contingencies that may affect system adequacy. Therefore, innovative tools, which feature real-time computational capabilities, decision-making under uncertainty, assessing adequacy, reliability, and stability under new paradigms are needed.The research component of this proposal is focused on the priority topics earlier identified by DOE and IEEE Working Group on Reliability and System Economics. The Proposed integrated scheme sets the framework for developing a value-based reliability control scheme, which incorporates Stability Margins to define new reliability indices with Available Transfer Capability (ATC) as constraints. These new indices will be computed in the assessment of transmission capability and value-based transmission reliability. Also, a multi-objective optimization scheme is proposed to achieve optimum trade-off between reliability, and stability. In addition the feasibility Cost Benefit Analysis and allocation strategy for a distributed power utility environment will be performed.The proposed scheme will be tested using a small benchmark testbed followed by an industry-sized system. Research results will be fully disseminated and industry feedback will be accommodated in enhancing this multi-year project.