Multiobjective clearing of coupled active and reactive power market considering power system security

This paper presents coupled active and reactive power market which is cleared in the form of multiobjective framework. The main objective function of the coupled market clearing is the offer cost of generators for their active power generation along with Total Payment Function (TPF) of generators for reactive power compensation plus Lost Opportunity Cost (LOC). Besides that, overload index, voltage drop index, and also voltage security margin are the other objective functions of the Optimal Power Flow (OPF) problem used to clear the coupled market. A Multi-objective Mathematical Programming (MMP) formulation is implemented to solve the OPF problem of the coupled market clearing. The proposed MMP formulation is also equipped with a fuzzy approach to choose the best compromise solution according to the specific preference among various Pareto optimal solutions. The effectiveness of the proposed coupled market and its clearing scheme is examined based on the IEEE 24-bus. Reliability Test System (IEEE 24-bus RTS). Copyright (C) 2010 John Wiley & Sons, Ltd.