Quantifying operational flexibility of VSC-HVDC lines and SVCs

Introducing power flow control capabilities into the electric power system increases the operational flexibility of the overall system. Quantifying such flexibility is an important aspect in the determination of the value which such devices add to the system. In this paper, Monte Carlo Markov Chain simulations are employed to study the benefits achieved by HVDC lines in combination with Static Var Compensators. In a first approach, the objective is to maximize the achievable power transfer whereas in a second approach, an economic dispatch is determined for fixed loading scenarios. Simulations are carried out for the IEEE Reliability Test System showing that power flow control significantly enlarges the space of feasible generation settings and thereby reduces generation dispatch costs.