Probabilistic methods applied to electric power systems—are they worth it?

This article reflects on and questions existing approaches to maintaining and improving the reliability of power systems and reviews and highlights some alternative ways forward. It also questions the need and usefulness of present deterministic criteria and security standards and instead suggests that integrated cost benefit analyses involving customers and their decisions could be a more rewarding and applicable approach. The guiding principle throughout this article is the basic question: ‘Is it worth it?’.