Extended Summary
The European Directory 92/96 [1] concerning the liberalization of the electricity market has generated significant changes in the planning, operation and management of electric power systems [2]. The electric power systems are more and more interconnected and the open access for independent power producers (IPP) - almost accomplished everywhere, results in possible congestions for transmission systems. Other important dynamic problems may arise when exploiting the system at or close to maximum power transfer. Example of these problems are transient stability and voltage stability. Moreover, the complexity of power system operation - particularly under stressed conditions involving protection intervention and operator actions, the necessity of understanding the economic mechanism involved in the market call for adequate training frameworks [3].