Effective techniques for reliability worth assessment in composite power system networks using Monte Carlo simulation

Reliability cost/reliability worth assessment plays an important role in electric power system planning and operation. The paper proposes a technique for evaluating the costs of interruption and hence, the reliability worth in a composite power system network with time varying loads at load buses using sequential Monte Carlo simulation. A generalized methodology of determining the interruption costs, without considering the time varying aspect of the loads is discussed and the results are compared with those obtained by utilizing a load duration curve to represent the time dependent loads. Case studies conducted on the IEEE Reliability Test System (IEEE-RTS) are presented and discussed.