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Increasing demand for electricity and the modernization of power systems within competitive markets has induced power systems to operate close to their stability limits. Therefore, the continuous monitoring and control of power systems through voltage stability indices is urgently needed. This is the first-ever effort to examine more than 40 voltage stability indices based on their formulation, application, performance, and assessment measures. These indices are sorted based on a logical and chronological order considering the most recent indices to be applied worldwide. However, the generalizability of these indices in terms of multivariable objectives is limited. Despite its limitation, this study systematically reviews available indices in the literature within the past three decades to compile an integrated knowledge base with an up-to-date exposition. This is followed by a comparative analysis in terms of their similarity, functionality, applicability, formulation, merit, demerit, and overall performance. Also, a broad categorization of voltage stability indices is addressed. This study serves as an exhaustive roadmap of the issue and can be counted as a reference for planning and operation in the context of voltage stability for students, researchers, scholars, and practitioners.

A Recap of Voltage Stability Indices in the Past Three Decades