Abstract
Operational risk assessment is a stochastic approach to quantify the operational security of power systems. In this study, the interrelation between severity factor and operational risk, two important parameters in operational risk assessment, is analyzed. Four different definitions of severity factor, based on the results from network studies, are proposed and applied, resulting in different values for the operational risk indices. The behavior of these indices is analyzed under varying operating conditions and compared with the behavior of the severity factor for individual contingencies. This study confirms the importance of the severity factor definition and shows that multiple operational risk indices are required to obtain a clear picture of the operational security of a transmission system. One risk index may increase while another decreases.
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