Techno-economic evaluation of corrective actions for efficient attainment of (N−1)-security in operation and planning

(N-1)-security is a decisive impact factor on both transmission system operation and network planning as it constrains the permissible states of the grid. Ensuring an (N-1)-secure operation and planning is a particular challenge in the presence of uncertainties. The inefficiency due to constrained network operation can be alleviated by fast corrective actions, e.g. by FACTS devices, HVDC or phase shifting transformers: a corrective (N-1)-security analysis accounts for fast reactions to post-contingency situations. In this paper, first an approach for a techno-economic analysis will be presented that allows for the evaluation of corrective controls in system operation. Second, a real options analysis is proposed to determine the value of the flexibility gained by corrective controls in the course of transmission system planning under uncertainties. Finally, the two methods will be applied in a case study for corrective power flow control by phase shifting transformers in the European transmission system.