Stochastic reactive power market with volatility of wind power considering voltage security

While wind power generation is growing rapidly around the globe; its stochastic nature affects the system operation in many different aspects. In this paper, the impact of wind power volatility on the reactive power market is taken into account. The paper presents a novel stochastic method for optimal reactive power market clearing considering voltage security and volatile nature of the wind. The proposed optimization algorithm uses a multiobjective nonlinear programming technique to minimize market payment and simultaneously maximize voltage security margin. Considering a set of probable wind speeds, in the first stage, the proposed algorithm seeks to minimize expected system payment which is summation of reactive power payment and transmission loss cost. The object of the second stage is maximization of expected voltage security margin to increase the system loadability and security. Finally, in the last stage, a multiobjective function is presented to schedule the stochastic reactive power market using results of two previous stages. The proposed algorithm is applied to IEEE 14-bus test system. As a benchmark, Monte Carlo Simulation method is utilized to simulate the actual market of given period of time to evaluate results of the proposed algorithm, and satisfactory results are achieved.

► The paper proposes a new algorithm for stochastic reactive power market clearing.
► The stochastic nature of the wind which impacts the system operation and market clearing process, is taken into account.
► The paper suggests an expected voltage stability margin and optimizes it in conjunction with expected total market payment.
► To clear the market with two mentioned objective functions, a three-stage multiobjective nonlinear programming is implemented.
► Also, a simple method is suggested to determine a suitable priority coefficient between two individual objective functions.