Reliability cost assessment of power transmission networks using the Monte Carlo simulation approach

The power supply interruptions to the customers of a power system constitute a reduction of the respective level of system reliability. An optimal operation plan is required that achieves minimum system operating and customer interruption costs. The purpose of the paper is to describe an efficient and improved computational methodology for evaluating the costs of interruption and, hence, the reliability worth in power transmission networks considering the time varying loads and the type of customers at each load bus. This methodology was developed applying the Monte-Carlo sequential simulation approach and recognises the interruption costs at different buses for various types of customers. A number of case studies were conducted using the IEEE Reliability Test System (RTS) and the obtained results are presented and discussed.