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• A configuration approach is proposed to find where to install SFCL in power system. • A configuration approach is proposed to decide which type of SFCL is chosen for a specific power grid. • A method is proposed to find the optimal configuration approach of SFCLs. • The NPV method is proposed to quantify the economic behavior of the SFCLs. • The proposed method can ensure current-limiting requirements and economic benefits of SFCL. The superconducting fault current limiter (SFCL) is expected to be a good choice for cooperating the circuit breakers to cut off large fault current. In order to achieve better economic benefits and meet the current limiting requirements of the power grid, a novel configuration approach of SFCL is proposed. The sensitivity factor is utilized to select the type of SFCL and the candidate transmission branches for SFCL to be installed. The particle swarm optimization with shrinkage factor (XARPSO) and the Pareto principle is introduced for determining optimal configuration of SFCLs. Then, the net present value (NPV) index method is proposed to conduct the economic analysis of an SFCL, considering the total device cost and the whole network power loss. Besides, the economic comparison between SFCLs and conventional current-limiting air core reactors (ACR) is carried out. Finally, the IEEE 39-bus system is built and a large amount of calculation results show that the SFCL have promising application prospects in limiting the fault current and reducing the network loss. [ABSTRACT FROM AUTHOR]