A Reliability Index to Measure Long-Term Security in Restructured Power Systems

A common objective on literature for the system operation either on a vertical or a market environment has been to keep an acceptable level of security which means enough capacity of both generation and transmission to satisfy total load without violating system restrictions (which are usually related with the capacity and geographical location of the available equipment) and in fact, enough reserve to be prepared against any system failure. This paper shows the mathematical formulation of a reliability index that measures the level of operational security considering the availability of system's equipment and its capacity to satisfy load demand for each studied period.