Abstract
This chapter presents major modelling and simulation techniques applied in power systems research. As the smart grids will be a journey through the modern power system environment, it is vital to know how these models and techniques are applied in a traditional power grid environment and how they can make advances to realize smart grid objectives. The chapter describes optimization techniques applied in power systems research and then extended to incorporate stochastic elements. The chapter ends with a brief exploration into the Monte Carlo simulation based research.
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