Cost related reliability measures for power system equipment

Cost considerations play a very important role in power system operation and planning. In traditional reliability analysis, these costs have rarely been taken into account, primarily because of the lack of suitable mathematical models. The aim of this paper is to introduce one set of such models. To model the economic aspects of component on system reliability, cost rates are introduced to the states and cost impulses to the transitions of the Markov chain. Then, the cost related reliability measures are defined and their relationship to the traditional reliability indices is illustrated. A brief discussion on the solution procedures for the modified Markov chain is offered followed by an illustrative numerical example.