Abstract
The two most popular approaches for power system reliability evaluation, namely contingency enumeration and Monte Carlo simulation, have been combined to form a hybrid model to analyze different system operating states to provide a quantitative assessment of system risk. Both annualized and annual indices obtained using a seven-step load model are presented for two test systems. Selection methods are used to detect problem creating contingencies. A linear programming model for generation rescheduling, minimization of the amount of load shed, and correction of the voltage problem and Q-load curtailment is utilized with the hybrid model. Variance reduction techniques were investigated in order to reduce the computation time and to improve the simulation results.< >