Abstract
The basic concepts associated with quantitative reliability assessment of electric power systems are reasonably well established and well accepted by the power industry. The evaluation of the costs and benefits of competing investments is now becoming a standard practice in power system planning. The justification of new facilities and system modifications now normally includes specific reference to reliability and one approach that is receiving considerable attention is the evaluation of the societal worth (benefit) of system reliability, or conversely the costs incurred by consumers due to power supply interruptions. In order to make a consistent appraisal of economics and reliability, it is imperative to compare the investment cost needed to attain a specified level of reliability with the reliability worth or benefits derived by the society at that level of system reliability. This paper discusses the developments made in existing techniques in the area of power system reliability cost/benefit evaluation and application. Reliability worth data presently used in cost/worth evaluation are presented, and their applications in conjunction with the system reliability indices are also presented in this paper.
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