Bulk electric system reliability simulation and application

Bulk electric system reliability analysis is an important activity in both vertically integrated and unbundled electric power utilities. Competition and uncertainty in the new deregulated electric utility industry are serious concerns. New planning criteria with broader engineering consideration of transmission access and consistent risk assessment must be explicitly addressed. Modern developments in high speed computation facilities now permit the realistic utilization of sequential Monte Carlo simulation technique in practical bulk electric system reliability assessment resulting in a more complete understanding of bulk electric system risks and associated uncertainties. Two significant advantages when utilizing sequential simulation are the ability to obtain accurate frequency and duration indices, and the opportunity to synthesize reliability index probability distributions which describe the annual index variability. This research work introduces the concept of applying reliability index probability distributions to assess bulk electric system risk. Bulk electric system reliability performance index probability distributions are used as integral elements in a performance based regulation (PBR) mechanism. An appreciation of the annual variability of the reliability performance indices can assist power engineers and risk

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