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The deregulated electricity market calls for robust optimal power flow (OPF) tools that can provide a) deterministic convergence; b) accurate computation of nodal prices; c) support of both smooth and nonsmooth costing of a variety of resources and services, such as real energy, reactive energy, voltages support, etc.; d) full active and reactive power flow modeling of large-scale systems; and e) satisfactory worst-case performance that meets the real-time dispatching requirement. Most prior research on OPF has focused on performance issues in the context of regulated systems, without giving much emphasis to requirements a)-c). This paper discusses the computational challenges brought up by the deregulation and attempts to address them through the introduction of new OPF formulations and algorithms. Trust-region- based augmented Lagrangian method (TRALM), step-controlled primal-dual interior point method (SCIPM), and constrained cost variable (CCV) OPF formulation are proposed. The new formulations and algorithms, along with several existing ones, are tested and compared using large-scale power system models.