Increasing demand for electricity and the modernization of power systems within competitive markets has induced power systems to operate close to their stability limits. Therefore, the continuous monitoring and control of power systems through voltage stability indices is urgently needed. This is the first-ever effort to examine more than 40 voltage stability indices based on their formulation, application, performance, and assessment measures. These indices are sorted based on a logical and chronological order considering the most recent indices to be applied worldwide. However, the generalizability of these indices in terms of multivariable objectives is limited. Despite its limitation, this study systematically reviews available indices in the literature within the past three decades to compile an integrated knowledge base with an up-to-date exposition. This is followed by a comparative analysis in terms of their similarity, functionality, applicability, formulation, merit, demerit, and overall performance. Also, a broad categorization of voltage stability indices is addressed. This study serves as an exhaustive roadmap of the issue and can be counted as a reference for planning and operation in the context of voltage stability for students, researchers, scholars, and practitioners.

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Increasing demand for electricity and modernization of power systems within competitive markets induce power systems to operate close to their stability limits. Therefore, a power system continuous monitoring and control by using voltage stability indices are known exigence. This is the first-ever effort, examined more than 40 voltage stability indices thorough an exhaustive study based in on their formulation, application, performance, and assessment measures. Which is conducted based on a logical and chronological order considering the most recent worldwide applied voltage stability indices. However, the generalizability of such an immense diversity of these indices in term of multivariable objectives subjects to a certain limitation to summate into a deciphered outcome. Despite all these obstacles, this study systematically reviews available indices in the literature within the past three decades to set out an integrated knowledge with an insight up-to-date exposition. That followed with a comparative analysis in term of their similarity, functionality, applicability, formulation, merit, demerit, and overall performances. Also, a broad categorization of voltage stability indices is addressed. This study with an immediate implication in practice as an exhaustive roadmap can be counted a planning and operation reference in the context of voltage stability for students, researchers, scholars, and practitioners.

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