Market Clearing of Joint Energy and Reactive Power using Multi Objective Optimization considering Voltage Dependent Load Models

This paper presents the day ahead market clearing of joint energy and reactive power market clearing (ERPMC) mechanism and its mathematical formulation in day ahead market. The Augmented Payment Function (APF) minimization objective is optimized while meeting AC power flow constraints, system reactive power requirements and lost opportunity cost (LOC) considerations. The realistic voltage dependent load modeling has been employed. The investigations clearly bring out the unsuitability of conventional single objectives such as APF, Loss Minimization (LM) due to reduction of load served. Hence, the multi-objective optimization is essential in this context. The paper proposes several objectives such as APF minimization, LM, Load Served Maximization (LSM) and Voltage Stability Enhancement Index (VSEI); which can be judiciously combined as per the needs of the operating condition. The effectiveness of the proposed approach is tested on IEEE 30 bus system and the detailed simulation studies have been carried out by considering different operating conditions with constant and voltage dependent load modeling.