Probabilistic life cycle cost analysis of custom power devices for voltage sags and interruptions mitigation

Selection of custom power device for sags and interruptions mitigation has been a challenge in the utility and customer for many years. It usually depends on technical and economic characteristics of the device. Nevertheless, most mitigation method is selected by rule of thumb or empirical method. In this paper, the life cycle cost analysis is performed using either the deterministic or probabilistic approach. The difference between a deterministic and a probabilistic cost analysis approach is illustrated with five different case studies. The probabilistic cost analysis approach using Monte Carlo simulation which is powerful for iterative process provides comprehensive and alternative results.