Framework for evaluating and comparing performance of power system reliability criteria

Evolutions in the power system challenge the manner in which power system reliability is managed. In particular, currently used reliability criteria, typically the deterministic N-1 criterion, are increasingly inadequate. Moving to an alternative approach is difficult as quantifying benefits is hard in a multifaceted environment and system operators are reluctant to move away from the easy and transparent existing criterion. This paper presents a generic framework to evaluate and compare socio-economic and reliability performance of power system reliability criteria, focussing on the short term decision making process of transmission system operators (TSO). The framework can also be used to tune the parameters of reliability criteria. Short term operational planning and real time operation TSO decision making processes are simulated considering various reliability criteria. The framework is applied to a 5 node test system and the 24 node IEEE reliability test system, showing that the applied probabilistic reliability criterion outperforms deterministic N-0 and N-1 approaches in those systems in terms of expected reliability and socio-economic indicator values. The effect is larger in the bigger system with more operational flexibility.