Y.T. Yoon and F.A. Felder (USA)
Over the years a reliability assessment framework has been developed in the US based on a centralized command-and-control paradigm under a vertically integrated utility structure to ensure the efficient, secure and reliable management of the electricity supply infrastructure. Until recently this traditional reliability assessment framework has served the industry well. With the implementation of markets in the electric power industry, two fundamental changes have substantial implications for reliability analysis and management of bulk power systems. First, restructuring introduces market forces, particularly price signals. Second, restructuring separates system operation and transmission planning from generation operation and investment. In this paper, we develop a new reliability assessment framework that enables a complete and accurate assessment of the electricity supply infrastructure by investigating the mechanisms necessary for ensuring the infrastructure's dependability in the changing industry environment. In this framework, reliability is conceptualized as a continuum instead of a long-term problem (resource adequacy) and a short-term problem (operations).
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