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I would proceed in the following way:

1. Find the rating of each transmission line in the power network and evaluate the loading level at every instant of simulation. Loading level is the ratio of the MVA loading to the MVA rating of line. Based on the ratio a probability of tripping can be evaluated for each transmission line. This is motivated by the idea that the occurrence of a hidden failure is dependent on the overloading condition of the line.

2. Next, a Bernoulli trial can be considered for each transmission line with a probability of SUCCESS (probability of tripping) to be equal to the probability calculated in Step 1. For the transmission lines, where the outcome is SUCCESS, the line can be tripped. The success of this modelling would depend on the probability curve shape for different loading condition in the transmission line.

3. Finally, a load-generation balance needs to be maintained. For this, the tie lines between the control areas can be monitored for deviation. If a deviation is noted, loads in the particular control area can be removed. To do so efficiently, the Load Shift Factor can be calculated for each tie line and loads can be removed based on the entries of the LSF matrix.