This paper proposes a new method for power\r\ntransmission risk assessment considering historical failure\r\nstatistics of transmission systems and operation failure\r\nrisks of system components. Component failure risks are\r\nintegrated into the new method based on operational condition\r\nassessment of components using the support vector\r\ndata description (SVDD) approach. The traditional outage\r\nprobability model of transmission lines has been modified\r\nto build a new framework for power transmission system\r\nrisk assessment. The proposed SVDD approach can provide\r\na suitable mechanism to map component assessment\r\ngrades to failure risks based on probabilistic behaviors of\r\npower system failures. Under the new method, both up-todate\r\ncomponent failure risks and traditional system risk\r\nindices can be processed with the proposed outage model.\r\nAs a result, component failure probabilities are not only\r\nrelated to historical statistic data but also operational data\r\nof components, and derived risk indices can reflect current operational conditions of components. In simulation studies,\r\nthe SVDD approach is employed to evaluate component\r\nconditions and link such conditions to failure rates\r\nusing up-to-date component operational data, including\r\nboth on-line and off-line data of components. The IEEE\r\n24-bus RTS-1979 system is used to demonstrate that\r\ncomponent operational conditions can greatly affect the\r\noverall transmission system failure risks.
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