Risk-based Var Expansion Planning

In this paper, a systematic risk-based reactive power resource expansion planning approach is described and illustrated. The approach has three stages; adequacy expansion, security expansion, and risk-based expansion. The first one performs Var allocation to address transmission inadequacy; the second one refines the allocation to address transmission system security via corrective control; the third one balances the economic investment and the expected post-contingency consequence. All three stages are solved via the Benders decomposition. The approach is illustrated on a 14-bus test system.