I. Introduction
ENSURING system reliability and providing an economic Eefficient dispatch are the top two responsibilities of any grid operation. Thus, grid operational performance should be gauged by its compliance with these two basic objectives. However, in real-time operation reliability and economic efficiency objectives may conflict. Although most grid operators have established various performance metrics to evaluate their real-time operations, these metrics usually focus on one particular aspect, such as various reliability compliance goals, financial operating reserve usage, etc. Establishing a comprehensive performance metric that evaluates dispatch efficiency, while respecting all grid reliability constraints is a very challenging task. Such a metric would be very valuable to grid operators because it can provide the right information and incentives to achieve optimum dispatch solution.