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This paper proposes an approach for determining optimal locations and capacities of multiple FACTS devices for congestion relief considering voltage stability in deregulated electricity market. The objectives of FACTS allocation are both to minimize annual device investment cost and maximize annual benefit defined as difference between expected security cost (ESC) with and without FACTS installation. The expected cost consists of operating cost under normal state and considered contingencies along with their related probabilities to occur. Maximizing social welfare is the objective for normal state while maximizing social welfare as well as minimizing compensations for generation re-scheduling and load shedding are objectives in case of contingency. The proposed approach is different from previous FACTS devices allocation methods in considering control coordination of multiple FACTS devices as cost free effort for minimizing operating cost and securing the system. Then, generations re-scheduling and load shedding will be subsequently executed as non-cost free effort. The IEEE 14 bus test systems are used to demonstrate the proposed approach.