Multi-objective electricity market clearing considering dynamic security by lexicographic optimization and augmented epsilon constraint method

In this paper, a new multi-objective model for electricity market clearing, considering both voltage and dynamic security aspects of the power system, is proposed. The objective functions of the proposed model include offer cost, voltage stability margin (VSM) and corrected transient energy margin (CTEM). A new solution method incorporating the lexicographic optimization and augmented ɛ-constraint method is proposed to solve the multi-objective optimization problem. The New England test system is used to demonstrate the performance of the proposed method. The proposed strategy is also compared with the conventional ɛ-constraint technique.