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In this paper, an extended optimal power-flow (OPF) model incorporating a detailed model of a voltage-source converter-based-multiterminal high-voltage direct current system (VSC-MTDC) is proposed, hereafter referred to as the mixed ac/dc OPF (M-OPF) model. A cost-benefit analysis approach using the M-OPF model as the calculation engine is proposed to determine the preferred VSC-MTDC alternative to be installed in an existing ac transmission system. In this approach, the operational benefits of VSC-MTDC systems are evaluated against their investment costs to derive the benefit-to-cost ratios (BCR) which reflect the cost-effectiveness of the alternatives. A case study has been carried out using a modified Nordic 32-bus system. The results of the study show that VSC-MTDC systems might lead to a reduction in total operation cost, and the reduction of the total system transmission loss depends to a large extent on the VSC-MTDC configuration. The results from sensitivity analyses show that if the VSC loss could be reduced to a third of the original level, the total benefit from the system would be increased by about 70%. A suggestion for the placement and configuration of a VSC-MTDC system is made based on calculated BCRs.

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