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The objective of this paper is to suggest a robust optimal power flow (OPF) framework to perform locational marginal pricing under the scarcity of reactive power. The classical OPF models employed for market clearing either assume infinite reactive power support or make a fully independent representation of the reactive power load. In contrast, a potentially more accurate power flow model is adopted in this paper recognizing the dependence of the level of reactive power consumption on the level of active power consumption. The relationship is primarily modeled by employing the concept of power factor. In addition, there can be load requests with different power factors from the same location. The corresponding locational marginal prices (LMPs) are found to vary not only spatially but also according to power factors. Thus, a two-dimensional LMP variation is finally obtained. A consistent definition of financial transmission rights is also provided and the associated LMP decomposition scheme is described. The model proposed is studied on the IEEE 30-bus system and its distinctive features are noted down and discussed.