In the field of large-scale renewable energy integration and DC transmission

the hybrid converter station can provide flexibly adaptable power transmission solutions for diversified scenarios. To ensure long-term system operation and cost-effectiveness

the reliability assessment and economic evaluation of the converter station must be prioritized. First

a reliability assessment model for the hybrid converter station is established considering the multiple interaction relationships among the sub-modules of modular multilevel converter (MMC) and the commutation failure caused by multiple fault types in line commutated converter (LCC)

which characterizes submodule detailed correlations while investigating key commutation failure factors and subsequent failure probabilities. Then

this paper quantifies dynamic factors through the reliability index of the hybrid converter station

overcoming the deficiencies of conventional single-component failure rate models in characterizing both operational continuity and performance degradation processes of practical power system components. Subsequently

a local lifetime renewal- based system maintenance count calculation model considering the coupling relationship between components has been constructed

enabling precise computation of maintenance frequencies under different repair types. Next

considering the impact of time value

a full life cycle cost calculation framework is constructed by combining the loss rate and the number of maintenance times at the benchmark time point. Finally

a dynamic adaptability assessment of the HVDC system benchmark model is proposed based on the reliability and full life cycle cost analysis

which can achieve precise evaluation of the converter station applicable scenarios under the coordinated optimization of technology and economy.