FACTS devices provide the opportunity to improve the utilization of the existing transmission capacity and to enhance system security by enabling power flow control. In this paper, corrective power flow control enabled by FACTS devices is used to minimize a risk-based formulation for system security. For the determination of the optimal device settings, a two-stage regression-based approach is developed which allows adjusting the device settings using only the information received from a few key measurements in the system. Simulations for the thyristor-controlled series compensator (TCSC) illustrate the performance of this regression-based approach.
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