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This paper proposed a flexibility assessment approach based on and risk assessment methodology. System planners prioritize each planning scheme with consideration of three aspects: reliability, economics, and flexibility. In the past, there is lack of quantitative indices to measure flexibility of a power system. This paper proposes applying probabilistic risk assessment method to quantify system flexibility. The proposed approach is demonstrated to compare two transmission planning schemes during Guangdong expansion planning process.

Application of Risk-based Flexibility Assessment Methods to Evaluate System Expansion Plans