Improvement of economic profit by optimal allocation of TCSC & UPFC with wind power generators in double auction competitive power market

•An optimal approach is proposed to allocate TCSC, UPFC & wind power generator.•Social welfare & economic profit are maximizing with minimization of generation cost.•LMP has been significantly reduced after placement of WPG & TCSC.•LMP & voltage profile are also improved after placement of WPG & UPFC.

This paper presents a simple and reliable optimization approach to optimally allocate the Thyristor Controlled Series Compensator (TCSC) and Unified Power Flow Controller (UPFC) with wind generator under deregulated power system. The proposed approach is based on step by step variation in control parameters of TCSC and UPFC devices. Results have been determined for all possible locations, compensation level and reactance of TCSC & UPFC, reactive power injection or absorption, maximization of social welfare, maximization of profit with minimization of objective function. The double auction bidding model has been incorporated in this paper. The impacts on the locational marginal pricing and system voltage have been also investigated in this work. The effectiveness of the proposed approach for optimal placement of TCSC and UPFC has been tested and analyzed on modified IEEE 14-bus and modified IEEE 118-bus systems.