Abstract
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.