  Power systems are getting more complex than ever and are consequently
operating close to their limit of stability. Moreover, with the increasing
demand of renewable wind generation, and the requirement to maintain a secure
power system, the importance of transient stability cannot be overestimated.
Considering its significance in power system security, it is important to
suggest a different methodology for enhancing the transient stability,
considering uncertainties. Current deterministic industry practices of
transient stability assessment ignore the probabilistic nature of variables
(fault type, fault location, fault clearing time, etc.). These approaches
typically provide a cautious principle and can result in high-priced expansion
projects or operational limits. With the increasing system uncertainties and
widespread electricity market deregulation, there is a strong inevitability to
incorporate risk in the traditional transient stability analysis. Accurate
assessment of transient stability in a modern power network is becoming a
strict requirement both in planning and in real-time operation, due to the
increasingly intricate dynamics of a power system. Further, increasing sources
of uncertainty in forecast state and in the reaction to faults highly implies
the implementation of risk-based approach in assessing transient stability.
Thus, this paper aims to provide a comprehensive review of risk-based transient
stability in power networks and the accompanying research. It is believed that
this review can be an inception for researchers in the domain of power system
planning and security.

Systems and Control;Systems and Control