Abstract
Economics plays a major role in the application of reliability concepts and the attainment of an acceptable level of reliability. Inadequate reliability of electric power supply ultimately costs the customers much more than good reliability. It is therefore important to determine the optimal reliability level at which the reliability investment achieves the best results in reducing the customer damage costs due to power supply interruptions. This paper presents a technique to calculate cost related reliability indices of a composite system at the load points and for the overall system. These cost related reliability indices are calculated in the form of both annualized and annual values. System studies conducted on two reliability test systems are presented, which provide insight into the variation of the indices with different system factors.
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