Risk-Based Security and Economy Tradeoff Analysis for Real-Time Operation

This letter describes a new perspective on balancing system security level with cost for real-time operation. Security level is quantified using risk, which provides that security may be optimized. A risk-based multiple-objective (RBMO) model, considering security and economy together, is compared with the traditional security-constrained OPF (SCOPF) model. A six-bus test system is used to show the merits of RBMO.