AN APPROACH TO OPTIMAL DISPATCH OF BILATERAL ELECTRICITY CONTRACTS REGARDING VOLTAGE STABILITY

This paper proposes a methodology for optimal dispatch of bilateral electricity contracts, which may endanger the system voltage stability in light of short-term operational planning of a deregulated power system. In this framework the value that each owner of a transaction is willing to pay will reflect how much the electricity contract is important to be implemented physically. The proposed model dispatches optimally the bilateral transactions regarding the prices offered by owners of bilateral contracts for reactive power and transmission capacity utilization in one hand and, the total operational costs of reactive power resources in the other hand. The model also includes the limits imposed by the physical constraints on the power system such as nodal power flow equations, limits on capacity of resources, voltage stability constraint and etc. The proposed framework is formulated as an AC-OPF problem and is implemented over the IEEE 14 bus test system using CONOPT solver (GAMS) to illustrate the feasibility of the approach.