Reactive power market development considering power system security.

In the new open access environment, in pursuit of profit, power producers tend to operate closer to the security boundaries and consequently, the voltage instability, which is caused by insufficient reactive power support, threats system security and reliability. This paper presents a day-ahead reactive power market based on uniform auction price scheme considering voltage security. First, expected payment function (EPF), identified earlier in the literature to construct a bidding framework for synchronous generators, is modified. Then, the modified EPF is used as the objective function of optimal power flow problem to clear reactive power market. Finally, the OPF, including overload, voltage drop and voltage stability margin in its constraints, is solved by binary coded genetic algorithm. The validity of the proposed reactive power market is studied based on the IEEE 24-bus reliability test system. [ABSTRACT FROM AUTHOR]