As the complexity increases in modern power systems, power quality (PQ) analysis considering interharmonics has become a challenging and important task. This article proposes a novel decomposition and estimation method for instantaneous PQ indices (PQIs) monitoring in single- and three-phase systems with interharmonics and transient disturbances. To separate the interharmonic components, a set of new scaling filter and wavelet filter with narrow transition bands is designed for the undecimated wavelet packet transform (UWPT). Furthermore, a two-stage decomposition method for multitone voltage and current signals is proposed. The Hilbert transform (HT) is applied to calculate the instantaneous amplitude and phase of each frequency component, which accordingly allows the monitoring of different PQI parameters. Numerical tests are conducted to check the performance of the proposed method. The test results show that, compared to other conventional approaches, instantaneous PQIs estimated by the proposed method present significant advances for tracking transitory changes in power systems and could be considered as a helpful tool for high-accuracy PQ detections.
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