A new approach to evaluate reliability and production cost of a power generating system

Abstract

This paper describes a computationaly efficient approach to evaluate the production cost (PC), expected served energy (ES), expected unserved energy (USE) and loss of load probability (LOLP) of a power generating system consisting of different types and sizes of unit. This approach uses hourly loads or any suitable time interval for system demand for a given period. The generating units are convolved with the sampled demand in an economic order of merit. The joint probability density function (JPDF) concept is utilized for the convolution process of hourly system loads and generating unit outages and the binomial equation has been successfully implemented in the reduction of computations. The proposed approach can simulate multistate representation of generating units as well. The proposed approach is applied to a modified IEEE Reliability Test System (IEEE-RTS). The PC, ES, USE and LOLP of the system are evaluated and the proposed approach is found efficient exact and easy to implement as compared to other existing methods.