Pay-as-bid based reactive power market

In energy market clearing, the offers are stacked in increasing order and the offer that intersects demand curve, determines the market clearing price (MCP). In reactive power market, the location of reactive power compensator is so important. A low cost reactive producer may not essentially be favo...

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Bibliographic Details
Published in:Energy conversion and management 2010-02, Vol.51 (2), p.376-381
Main Authors: Amjady, N., Rabiee, A., Shayanfar, H.A.
Format: Article
Language:English
Subjects:
Market clearing price (MCP)
Pay-as-bid (PAB)
Reactive power market
Total payment function (TPF)
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Summary:In energy market clearing, the offers are stacked in increasing order and the offer that intersects demand curve, determines the market clearing price (MCP). In reactive power market, the location of reactive power compensator is so important. A low cost reactive producer may not essentially be favorable if it is far from the consumer. Likewise, a high cost local reactive compensator at a heavily loaded demand center of network could be inevitably an alternative required to produce reactive power to maintain the integrity of power system. Given the background, this paper presents a day-ahead reactive power market based on pay-as-bid (PAB) mechanism. Generators expected payment function (EPF) is used to construct a bidding framework. Then, total payment function (TPF) of generators is used as the objective function of optimal power flow (OPF) problem to clear the PAB based market. The CIGRÉ-32 bus test system is used to examine the effectiveness of the proposed reactive power market.
ISSN:0196-8904
1879-2227
DOI:10.1016/j.enconman.2009.10.012