Optimal power flow with expected security costs

This paper discusses the expected-security-cost optimal power flow (ESCOPF) problem. The objective of the problem is to minimize the expected total cost of system operation subject to power system constraints and expected security costs. The probabilities of operating in the pre-contingency operating state and the probabilities of operating in all possible post-contingency states are considered. In addition, the ESCOPF problem includes the cost of interrupting customer load and the cost of generator ramping, which may be necessary when a contingency occurs. The solution to the ESCOPF problem gives information regarding the marginal value of spinning reserve and the marginal value of interruptible load. A graphical tool is used to view the problem solution.