Reliability and risk metrics to assess operational adequacy and flexibility of power grids

Oliver Stover, Pranav Karve, Sankaran Mahadevan

Abstract: Highlights•Developed a framework to assess daily power grid operational risk.•The framework is exogenous and agnostic to operational optimization algorithms.•Defined metrics based on conditional expectations, failure probability, and risk.•Quantified supply adequacy and ramping flexibility risks in generator schedule.