The security-constrained economic dispatch (SCED) problem tries to maintainthe reliability of a power network by ensuring that a single failure does notlead to a global outage. The previous research has mainly investigated SCED byformulating the problem in different modalities, e.g. preventive or corrective,and devising efficient solutions for SCED. In this paper, we tackle a novel andimportant direction, and analyze the economic cost of incorporating securityconstraints in economic dispatch. Inspired by existing inefficiency metrics ingame theory and computer science, we introduce notion of price of security as ametric that formally characterizes the economic inefficiency ofsecurity-constrained economic dispatch as compared to the original problemwithout security constraints. Then, we focus on the preventive approach in asimple topology comprising two buses and two lines, and investigate the impactof generation availability and demand distribution on the price of security.Moreover, we explicitly derive the worst-case input instance that leads to themaximum price of security. By extensive experimental study on two test-cases,we verify the analytical results and provide insights for characterizing theprice of security in general networks.
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