Risk based optimal power flow

In this study, a risk based optimal power flow method is developed. The method assumes that power demand in each bus is random and normally distributed associated with the forecasted value as its mean and some variance. The uncertainties associated with load characteristics, weather conditions, and contingencies are incorporated into the component risk functions. The traditional inequality deterministic constraints such as branch thermal limits and bus voltage limits are replaced by the probabilistic risk functions for each transmission line, transformer and bus. A successive linear programming algorithm is adopted to solve the risk based OPF problem in this study. Risk based OPF provides a useful decision-making tool to help the system operator to balance system risk and cost.