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Flexible AC Transmission Systems (FACTS) and power-flow controlling devices are of international interest today. In spite of the rising applications of FACTS devices, there are some factors that have been limiting the widespread application of this technology, prominent being the following: a) lack of a clear understanding of the options of devices and their configurations, and their suitability for the solution of different network problems, b) lack of information on systematic approaches towards economic assessment of FACTS projects for utilities and transmission entities, and c) lack of information on analysis and comparisons of short as well as long-term systemwide alternatives for utilities faced with transmission reinforcements. There has been a significant body of literature on technical analysis of FACTS devices but little attention has been devoted to assessing the economics of FACTS options. This paper presents the results of an application study conducted for a major utility in the U.S. in assessing the technical as well as economic/business feasibility of FACTS for transmission enhancement. Considering the example of the study performed, a framework is presented for collective as well as objective evaluation of FACTS along with other options in the short and in the long-term time frame. Index Terms-Dynamic reactive power compensation, FACTS applications, reactive power compensation, transient voltage stability.

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