Stochastic security-constrained optimal power flow incorporating preventive and corrective actions

Summary This paper presents a new stochastic security‐constrained optimal power flow (SSCOPF) model to capture the uncertainties associated with transmission network failures. In the proposed framework, the uncertainties are modeled explicitly using scenarios and then managed through preventive actions (first‐stage decisions) and corrective actions (recourse or second‐stage decisions). The suggested model determines the optimal operating point considering the scenario weights, i.e., their probabilities. Both preventive and corrective actions are simultaneously optimized through the proposed SSCOPF approach. To reduce the dimensions of the SSCOPF model for large‐scale power systems, an efficient iterative solution method is also presented. The effectiveness of the proposed approach is shown on the well‐known IEEE 118‐bus and 300‐bus test systems. Copyright © 2016 John Wiley & Sons, Ltd.