A cost effective security dispatch methodology

This paper deals with the problem of formulating dispatching algorithms which must trade off power system operating cost with system security effects. Decision theory was used to structure optimization algorithms which dispatch a power system in accordance with different security strategies. The strategies themselves are dictated by how one wishes to treat probabilistic load variations and contingency events. The chief value of this research lies in providing an approach to unifying the techniques of stochastic power flows, contingency analysis and constrained optimization.