This paper summarizes the technical activities of the Task Force on Power System Dynamic State and Parameter Estimation. This Task Force was established by the IEEE Working Group on State Estimation Algorithms to investigate the added benefit of dynamic state and parameter estimation for the enhancement of the reliability, security, and resilience of electric power systems. The motivations and engineering values of dynamic state estimation (DSE) are discussed in detail. Then, a set of potential applications that will rely on DSE is presented and discussed. Furthermore, a unifie framework is proposed to clarify the important concepts related to DSE, forecasting-aided state estimation, tracking state estimation and static state estimation. An overview of the current progress in DSE and dynamic parameter estimation is provided. The paper also provides future research needs and directions for the power engineering community.

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Control room operators are faced with frequent security-economy decision-making situations necessitated by stressed system operating conditions, and there is increased need for securityeconomy decision-support tools. Although probabilistic methods are promising in this regard, they have been mainly used in planning environments. This task force paper explores their use for operational decision-making, comparing them to the more traditional deterministic approach. Two examples are used to facilitate this comparison via overload and low voltage security assessment to identify secure regions of operation for a small 5-bus system and for the IEEE Reliability Test System. The results of this comparison show that the probabilistic approach offers several inherent advantages.

Power system dynamic state estimation (DSE) remains an active research area. This is driven by the absence of accurate models, the increasing availability of fast-sampled, timesynchronized measurements, and the advances in the capability, scalability, and affordability of computing and communications. This paper discusses the advantages of DSE as compared to static state estimation, and the implementation differences between the two, including the measurement configuration, modeling framework and support software features. The important roles of DSE are discussed from modeling, monitoring and operation aspects for today's synchronous machine dominated systems and the future power electronics-interfaced generation systems. Several examples are presented to demonstrate the benefits of DSE on enhancing the operational robustness and resilience of 21st century power system through time critical applications. Future research directions are identified and discussed, paving This work was partially supported by US Department of Energy under Advanced Grid Modernization Program.