In this paper, we propose a preventive failure mitigation strategy in the power system based on Markov method. Specifically, we consider multiple units in the system, which are of different types and are managed by a single utility company. To characterize the operation, failure mitigation, and deterioration processes of the equipment, a continuous-time Markov model is formulated. By modelling the failure rate of equipment and the reinstallation rate after failures, the steady state of the proposed Markov model is analytically derived. Then to optimize the long-term net revenue of the utility company, the optimal failure mitigation rate is determined by considering the failure mitigation capacity for each equipment type as well as the overall failure mitigation capacity of the company. The performance of the proposed algorithms is demonstrated with three types of transformers in the simulation.
Failure mitigation, Markov method, Power system
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