Many technological advancements in the modern era have made actual use of electrical power and the constrained operating of power systems within stability limits. Some expeditious load variations and rising power demands initiate complications in voltage stability and can put stress on performance, leading to voltage instability. Voltage Stability Indices can be used to perform voltage stability assessment. This review evaluates various VSIs based on mathematical derivations, assumptions, critical values, and methodology. VSIs determine the maximum loadability, voltage collapse proximity, stability margin, weak areas, and contingency ranking. Stability indices can also specify the optimal placing and sizing of Distributed Generators. Thus, VSIs play a vital role in power system voltage stability. This review is a comprehensive survey of various indices and analyses their accuracy in determining the instability of power systems. Voltage stability is a crucial concern in operating a reliable power system, and the systematic evaluation of voltage stability is essential in a power system. This review considered and analyzed 34 indices from 138 articles from the literature for their significant performance in various power system stability problems. Of 33 indices, were 22 derived from transmission line parameters, referred to as line indices, and 12 from bus and line parameters, referred to as bus indices.

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