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Inrecent electrical power networks a number of failures due to overloading of the transmission lines, stability problems, mismatch in supply and demand, narrow scope for expanding the transmission network and other issues like global warming, environmental conditions, etc. have been noticed. In this paper, a thyristor-controlled series compensator (TCSC) is placed at the optimum position by using two indices for enhancing the power flows as well as the voltage security and power quality of the integrated system. A fusedseverity index is proposed for the optimal positionalong with a grey wolf algorithm-based optimal tuning of the TCSC for reduction of real power losses, fuel cost with valve-point effect, carbon emissions, and voltage deviation in a modern electrical network. The voltage stability index to evaluate the power flow of the line and a novel line stability indexto assessthe line capacityare used. The TCSC is placed at the highest value of the fusedseverity index. In addition, an intermittent severity index (IMSI) is used to find the most severely affected line and is used for relocating the TCSC to a better location under different contingencies.Lognormal and Weibull probability density functions (PDFs)are utilized forassessing the output ofphotovoltaic (PV) and wind power. The proposed methodhas been implemented on the IEEE 57 bus system to validate the methodology, and the results of the integrated system with and without TCSC are comparedunder normal and contingency conditions.