Participation FACTS devices in electricity market

This paper concentrates on the development of a comprehensive model of Smart, Flexible and Dispatchable Transmission Services (DTS) in stochastic joint energy and reserve market. In this paper a stochastic joint energy and reserve market with DTS are proposed to minimize the cost of supplying load and reliability expenses.DTS can provide economic benefits compared to other control methods such as generation unit rescheduling or load shedding for contingency management. Utilizing a stochastic mix-integer linear programming (SMILP) model, DTS are used during contingencies and steady state to determine optimal required energy and reserve values. To investigate the efficiency of the proposed strategy IEEE 6 and 24 bus case tests are studied. According to the obtained results, this strategy decreases energy and reserve marginal prices, as well as worth reliability cost. Furthermore, the suggested plan is an incentive to the transmission companies’ owners

Keywords:

Flexible transmission services , Stochastic mix-integer linear programming , Electricity Market