Day-Ahead Zonal Reactive Power Market Clearing Model for Competitive Markets: A Multi-objective Approach

In this paper, a multi-zone/localized reactive power market clearing model namely MZ-RPMC model is proposed for day-ahead competitive markets. In proposed model, two objective functions such as total payment function (TPF) for reactive power support from generators/synchronous condensers and total real transmission loss (TRTL) are optimized simultaneously while satisfying various system equality and inequality constraints. A well known elitist non-dominated sorting genetic algorithm called as NSGA-II is used to solve the multi-objective reactive power clearing models. The proposed multi-zone model is compared with single-zone model to explore its superiority.