“…Furthermore, given that network security is provided mainly through asset redundancy, this approach may create a barrier against innovation in network operation and design, and prevent the implementation of technically effective and economically efficient solutions that could enhance the utilization of the existing network assets and maximize value for the users of the network. Over the last decade in particular, significant investigations (Siddiqi and Baughman, 1995;Dalton III et al, 1996;Strbac et al, 1998;Ni et al, 2003;McCalley et al, 1999;McCalley et al, 2000;McCalley et al, 2004;Choi et al, 2005;Xiao and McCalley, 2007;Jirutitijaroen and Singh, 2008;Moreno et al, 2013;North American Reliability Corporation, 1996) have questioned this historical approach to electricity network operation and design, and provided growing evidence that a radically different paradigm may be needed to facilitate a cost-effective delivery of energy policy objectives, particularly in relation to integrating low-carbon generation, and application of smart grid technologies. In several jurisdictions North American Reliability Corporation, 1996;Gleadow et al, 2009;Araneda, 2009;CIGRE, 2010), electricity distribution and transmission network reliability standards and practices have been reviewed and modified.…”