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This paper addresses the need in the electric power industry to more accurately determine transmission capacity margin between normal conditions and the system limitations. This need results from margin being reduced by the competetive business climate that electric power utilities find themselves in today. The traditional method of injecting margin into system operation, by building margin into the simulation models used to determine operating limitations, is no longer appropriate. Instead, today's highly stressed transmission systems require that simulation models be very accurate, and that margin be quantified and measured. The interpreted margin method is a way to control reduction of margin using a safe, engineering-based methodology, because it provides incentive for improving model accuracy while at the same time requiring margin to be quantified. A final conclusion is that greater efforts must be made to increase simulation accuracy; more manpower in the analysis procedures, where necessary, would further this goal as well as make good financial sense.

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