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With the increasing complexity of power systems, faster methods for powersystem reliability analysis are needed. We propose a novel methodology to solvethe security constrained optimal power flow (SCOPF) problem that reduces thecomputational time by using the Sherman-Morrison-Woodbury identity and Bendersdecomposition. The case study suggests that in a 500 node system, the run timeis reduced by 83.5% while ensuring a reliable operation of the systemconsidering short- and long-term post-contingency limits and reducing theoperational costs, compared to a preventive `N-1' strategy.

A Novel Approach for Solving Security Constrained Optimal Power Flow Using the Inverse Matrix Modification Lemma and Benders Decomposition